IonQ (NYSE:IONQ) Stock Price Up 2.6% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded up 2.6% on Wednesday . The company traded as high as $34.29 and last traded at $34.84. 5,583,339 shares were traded during mid-day trading, a decline of 80% from the average session volume of 27,843,889 shares. The stock had previously closed at $33.94.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group boosted their price target on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. DA Davidson raised IonQ to a "strong-buy" rating in a research report on Thursday. Finally, Needham & Company LLC lifted their price objective on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, IonQ has a consensus rating of "Buy" and a consensus target price of $33.00.

IonQ Price Performance

The stock has a 50-day simple moving average of $39.89 and a 200-day simple moving average of $24.03. The stock has a market cap of $6.87 billion, a PE ratio of -39.18 and a beta of 2.40.

Insider Buying and Selling at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the business'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 transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the business'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 transaction, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,223 shares of company stock valued at $1,314,652. Company insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock worth $14,107,000 after purchasing an additional 135,851 shares in the last quarter. Yong Rong HK Asset Management Ltd acquired a new position in shares of IonQ during the third quarter worth about $3,749,000. Rockefeller Capital Management L.P. lifted its stake 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 in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of IonQ during the third quarter worth about $1,631,000. Finally, Prospera Financial Services Inc lifted its stake in shares of IonQ by 196.1% during the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company's stock worth $337,000 after purchasing an additional 25,502 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

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.