IonQ (NYSE:IONQ) Stock Price Down 4.4% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) fell 4.4% during mid-day trading on Friday . The company traded as low as $31.38 and last traded at $31.95. 15,691,774 shares were traded during trading, a decline of 23% from the average session volume of 20,347,209 shares. The stock had previously closed at $33.43.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IONQ shares. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of IonQ in a report on Tuesday, January 27th. Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of IonQ in a research note on Friday, February 6th. Mizuho assumed coverage on IonQ in a research report on Thursday, December 11th. They issued an “outperform” rating and a $90.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Finally, JPMorgan Chase & Co. started coverage on IonQ in a research note on Thursday, November 20th. They issued a “neutral” rating and a $47.00 target price for the company. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $75.91.

IonQ Trading Down 4.4%

The company has a 50 day moving average of $44.18 and a 200 day moving average of $50.58. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of -5.97 and a beta of 2.63.

Insider Activity

In related news, Director Kathryn K. Chou sold 5,000 shares of IonQ stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $55.00, for a total transaction of $275,000.00. Following the completion of the transaction, the director directly owned 60,839 shares of the company’s stock, valued at $3,346,145. This trade represents a 7.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.20% of the stock is owned by company insiders.

Institutional Trading of IonQ

Large investors have recently added to or reduced their stakes in the company. Archer Investment Corp increased its holdings in shares of IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock worth $25,000 after buying an additional 322 shares in the last quarter. Stone House Investment Management LLC grew its position in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. grew its position in IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after acquiring an additional 340 shares during the last quarter. Hilltop National Bank increased its holdings in IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares in the last quarter. Finally, Accent Capital Management LLC raised its position in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the last quarter. 41.42% of the stock is owned by institutional investors.

About IonQ

IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.