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IonQ (NYSE:IONQ) Stock Price Down 2.7% - Here's What Happened

IonQ logo with Computer and Technology background

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares dropped 2.7% on Monday . The company traded as low as $30.01 and last traded at $30.87. Approximately 6,495,767 shares changed hands during trading, a decline of 76% from the average daily volume of 26,884,441 shares. The stock had previously closed at $31.74.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IONQ shares. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of IonQ in a research report on Thursday. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 10th. DA Davidson raised shares of IonQ to a "strong-buy" rating in a report on Thursday, February 20th. Benchmark lowered their target price on shares of IonQ from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Thursday. Finally, Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. One 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $44.80.

View Our Latest Research Report on IONQ

IonQ Price Performance

The firm's 50 day moving average price is $39.25 and its 200-day moving average price is $24.63. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of -33.31 and a beta of 2.41.

Insider Activity at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the company's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents 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 firm's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now directly owns 926,114 shares of the company's stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,223 shares of company stock worth $1,314,652. Company insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors have recently made changes to their positions in the business. Pathway Financial Advisers LLC bought a new position in IonQ during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC lifted its position in shares of IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after buying an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new position in shares of IonQ during the 4th quarter worth approximately $27,000. TD Waterhouse Canada Inc. acquired a new stake in IonQ in the 4th quarter valued at $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ in the fourth quarter valued at $34,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Company Profile

(Get Free Report)

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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