IonQ (NYSE:IONQ) Trading Down 9.1% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 9.1% during trading on Thursday . The stock traded as low as $22.53 and last traded at $22.76. Approximately 9,154,070 shares traded hands during trading, a decline of 40% from the average daily volume of 15,156,564 shares. The stock had previously closed at $25.05.

Wall Street Analyst Weigh In

Several research firms recently commented on IONQ. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group raised their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Craig Hallum upped their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark reiterated a “buy” rating and set a $45.00 price objective on shares of IonQ in a research report on Monday, March 31st. Finally, DA Davidson raised IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Trading Down 11.4 %

The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -25.44 and a beta of 2.50. The stock’s fifty day moving average price is $29.47 and its 200-day moving average price is $27.43.

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 11,712 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last quarter. 11.60% of the stock is owned by insiders.

Institutional Trading of IonQ

Several hedge funds have recently made changes to their positions in IONQ. Vanguard Group Inc. increased its stake in IonQ by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock worth $892,797,000 after buying an additional 125,144 shares during the period. Geode Capital Management LLC boosted its position in IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock valued at $186,593,000 after buying an additional 45,942 shares during the period. State Street Corp grew its stake in shares of IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after acquiring an additional 75,596 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after acquiring an additional 2,293,231 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of IonQ by 12.6% in the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock valued at $80,809,000 after acquiring an additional 216,752 shares in 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.