Short Interest in IonQ, Inc. (NYSE:IONQ) Rises By 24.4%

IonQ, Inc. (NYSE:IONQ - Get Free Report) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 40,070,000 shares, an increase of 24.4% from the March 31st total of 32,200,000 shares. Based on an average daily trading volume, of 19,040,000 shares, the days-to-cover ratio is currently 2.1 days. Currently, 19.6% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of recent analyst reports. DA Davidson decreased their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Benchmark lowered their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Needham & Company LLC restated a "buy" rating and issued a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group lifted their target price on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $40.80.

IonQ Stock Performance

IONQ traded down $1.45 during trading on Tuesday, reaching $28.38. 2,251,544 shares of the company traded hands, compared to its average volume of 16,206,530. IonQ has a 12-month low of $6.22 and a 12-month high of $54.74. The firm has a fifty day simple moving average of $24.36 and a 200 day simple moving average of $30.25. The company has a market cap of $6.32 billion, a P/E ratio of -35.00 and a beta of 2.46.

Insiders Place Their Bets

In related news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of IonQ 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 transaction, the executive now owns 592,615 shares of the company's stock, valued at $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. 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 corporate insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently bought and sold shares of the stock. Pathway Financial Advisers LLC purchased a new position in shares of IonQ during the fourth quarter valued at about $26,000. ORG Partners LLC grew its holdings in IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after buying an additional 870 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after acquiring an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ during the 4th quarter worth approximately $27,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of IonQ during the 4th quarter valued at approximately $33,000. 41.42% of the stock is owned by hedge funds and other 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.