IonQ (NYSE:IONQ) Shares Down 1.2% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price traded down 1.2% during mid-day trading on Wednesday . The company traded as low as $28.63 and last traded at $29.08. 2,833,186 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 16,217,909 shares. The stock had previously closed at $29.42.

Analysts Set New Price Targets

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

IonQ Price Performance

The company has a fifty day moving average of $24.46 and a 200-day moving average of $30.25. The firm has a market capitalization of $6.48 billion, a PE ratio of -35.76 and a beta of 2.46.

Insiders Place Their Bets

In other news, Director William F. Scannell bought 93,066 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares in the company, valued at $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares in the company, valued at $7,756,875.36. The trade was a 82.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,033,166 shares of company stock valued at $38,059,593 over the last quarter. Insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

A number of large investors have recently bought and sold shares of IONQ. Vanguard Group Inc. increased its stake in shares of IonQ by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock valued at $892,797,000 after buying an additional 125,144 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after purchasing an additional 45,942 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the last quarter. Northern Trust Corp increased its holdings 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 purchasing an additional 216,752 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in IonQ by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock worth $68,740,000 after purchasing an additional 31,638 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

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.

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