IonQ (NYSE:IONQ) Stock Price Down 7.8% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price fell 7.8% during trading on Tuesday . The company traded as low as $28.12 and last traded at $28.80. 6,567,322 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 26,444,883 shares. The stock had previously closed at $31.24.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. 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 report on Friday, January 10th. Benchmark decreased their price target on shares of IonQ from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Thursday. Needham & Company LLC restated a "buy" rating and set a $54.00 price objective on shares of IonQ in a report on Thursday. Craig Hallum lifted their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. Finally, DA Davidson upgraded shares of IonQ to a "strong-buy" rating in a report 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $44.80.

IonQ Trading Down 1.3 %

The business has a 50-day moving average of $38.59 and a 200 day moving average of $24.76. The firm has a market capitalization of $5.32 billion, a PE ratio of -30.37 and a beta of 2.41.

Insider Transactions at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the firm's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this link. Also, CRO Rima Alameddine sold 21,337 shares of the company'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 $634,349.01. Following the completion of the sale, the executive now directly owns 571,321 shares of the company's stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock worth $1,314,652 in the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Institutional investors have recently modified their holdings of the business. Integrated Advisors Network LLC bought a new stake in IonQ during the fourth quarter worth $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of IonQ by 29.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company's stock valued at $15,146,000 after purchasing an additional 82,499 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of IonQ during the 4th quarter worth $7,081,000. Virtus Fund Advisers LLC purchased a new position in shares of IonQ in the 4th quarter worth about $42,000. Finally, Virtus Investment Advisers Inc. bought a new position in IonQ during the fourth quarter valued at about $209,000. 41.42% of the stock is 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.