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

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

Analyst Ratings Changes

A number of research analysts recently commented on IONQ shares. DA Davidson raised IonQ to a "strong-buy" rating in a report on Thursday, February 20th. Benchmark reduced their price objective on IonQ from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Thursday. The Goldman Sachs Group lifted their price objective on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday. Finally, Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $44.80.

IonQ Stock Performance

The company has a market cap of $5.32 billion, a PE ratio of -30.37 and a beta of 2.41. The stock has a fifty day moving average of $38.59 and a 200-day moving average of $24.76.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the company'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 sale, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 21,337 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 $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares of the company's stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently made changes to their positions in IONQ. Creative Planning boosted its position in IonQ by 47.8% during the third quarter. Creative Planning now owns 24,364 shares of the company's stock valued at $213,000 after purchasing an additional 7,878 shares in the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in IonQ during the third quarter valued at about $3,749,000. Ground Swell Capital LLC bought a new stake in IonQ during the third quarter valued at about $110,000. PDS Planning Inc bought a new stake in IonQ during the third quarter valued at about $101,000. Finally, Verity Asset Management Inc. boosted its position in IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company's stock valued at $296,000 after purchasing an additional 3,736 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other 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.