IonQ (NYSE:IONQ) Stock Price Down 3% - Here's What Happened

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price dropped 3% on Monday . The stock traded as low as $29.61 and last traded at $29.98. Approximately 4,410,619 shares changed hands during trading, a decline of 73% from the average daily volume of 16,238,526 shares. The stock had previously closed at $30.92.

Analyst Upgrades and Downgrades

IONQ has been the topic of a number of recent analyst reports. DA Davidson dropped their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Benchmark cut their target price on IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Needham & Company LLC restated a "buy" rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Finally, 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 research note on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $40.80.

IonQ Trading Down 2.8 %

The company has a market cap of $6.69 billion, a price-to-earnings ratio of -37.14 and a beta of 2.46. The company's 50 day moving average price is $24.37 and its 200 day moving average price is $30.14.

Insiders Place Their Bets

In related news, Director William F. Scannell acquired 93,066 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the acquisition, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the sale, the executive now owns 592,615 shares of the company's stock, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Company insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IONQ. Private Advisor Group LLC increased its holdings in IonQ by 983.5% during the 1st quarter. Private Advisor Group LLC now owns 102,465 shares of the company's stock valued at $2,261,000 after acquiring an additional 93,008 shares in the last quarter. Hussman Strategic Advisors Inc. increased its stake in shares of IonQ by 233.3% during the 1st quarter. Hussman Strategic Advisors Inc. now owns 105,000 shares of the company's stock worth $2,317,000 after purchasing an additional 73,500 shares in the last quarter. Victory Capital Management Inc. raised its stake in IonQ by 237.6% in the 1st quarter. Victory Capital Management Inc. now owns 77,856 shares of the company's stock valued at $1,718,000 after purchasing an additional 54,797 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of IonQ by 4.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 132,159 shares of the company's stock worth $2,917,000 after purchasing an additional 5,177 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in shares of IonQ by 20.7% during the first quarter. Signaturefd LLC now owns 4,048 shares of the company's stock worth $89,000 after buying an additional 694 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.