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

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares fell 3% on Monday . The company traded as low as $37.04 and last traded at $37.47. 8,150,097 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 27,816,476 shares. The stock had previously closed at $38.65.

Analysts Set New Price Targets

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

IonQ Price Performance

The firm's 50 day moving average price is $39.89 and its 200 day moving average price is $24.14. The stock has a market capitalization of $6.87 billion, a P/E ratio of -39.18 and a beta of 2.40.

Insider Activity at IonQ

In related news, CFO Thomas G. Kramer sold 9,780 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $389,641.38. Following the completion of the transaction, the chief executive officer now 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 disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock worth $1,314,652 over the last quarter. 11.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently bought and sold shares of IONQ. PDS Planning Inc raised its position in shares of IonQ by 2.6% in the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company's stock worth $494,000 after acquiring an additional 300 shares in the last quarter. Mariner LLC raised its holdings in IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company's stock worth $2,276,000 after purchasing an additional 350 shares in the last quarter. Allworth Financial LP raised its holdings in IonQ by 15.2% in the fourth quarter. Allworth Financial LP now owns 2,753 shares of the company's stock worth $116,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC raised its holdings in IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock worth $47,000 after purchasing an additional 480 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after acquiring an additional 501 shares in the last quarter. 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.