IonQ (NYSE:IONQ) Stock Price Down 0.9% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares traded down 0.9% during mid-day trading on Thursday . The company traded as low as $37.51 and last traded at $37.65. 5,497,010 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 29,254,494 shares. The stock had previously closed at $38.00.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group upped their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. DA Davidson assumed coverage on IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target for the company. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark boosted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Price Performance

The stock’s 50-day moving average is $39.65 and its 200-day moving average is $22.78. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of -46.34 and a beta of 2.40.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the business. Pathway Financial Advisers LLC acquired a new stake in IonQ during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC grew its holdings in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in IonQ during the 4th quarter valued at $34,000. City State Bank bought a new position in IonQ during the 4th quarter valued at $36,000. Finally, Hemington Wealth Management bought a new position in shares of IonQ in the 4th quarter worth about $37,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.