IonQ (NYSE:IONQ) Stock Price Down 3% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) traded down 3% during trading on Monday . The company traded as low as $37.04 and last traded at $37.47. 8,150,097 shares were traded during mid-day trading, a decline of 71% from the average session volume of 27,816,476 shares. The stock had previously closed at $38.65.

Analyst Upgrades and Downgrades

Several analysts have weighed in on IONQ shares. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum increased their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC lifted their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson initiated coverage on shares of IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

IonQ Price Performance

The company has a market capitalization of $7.39 billion, a PE ratio of -42.14 and a beta of 2.40. The business has a 50-day moving average of $39.77 and a 200 day moving average of $23.71.

Insider Buying and Selling

In other news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,223 shares of company stock worth $1,314,652. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after purchasing an additional 135,851 shares during the period. Yong Rong HK Asset Management Ltd purchased a new stake in IonQ in the third quarter valued at $3,749,000. Rockefeller Capital Management L.P. raised its stake in shares of IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after buying an additional 111,435 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of IonQ in the 3rd quarter valued at about $1,631,000. Finally, Prospera Financial Services Inc boosted its stake in shares of IonQ by 196.1% in the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after buying an additional 25,502 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Company Profile

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.