IonQ (NYSE:IONQ) Stock Price Down 7.8% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) were down 7.8% during trading on Tuesday . The company traded as low as $34.07 and last traded at $34.55. Approximately 9,629,879 shares traded hands during trading, a decline of 66% from the average daily volume of 28,225,967 shares. The stock had previously closed at $37.46.

Analyst Upgrades and Downgrades

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

IonQ Price Performance

The company has a 50 day moving average of $39.86 and a 200-day moving average of $23.78. The company has a market cap of $7.30 billion, a P/E ratio of -41.64 and a beta of 2.40.

Insider Activity

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares in the company, valued at $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 SEC, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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