IonQ (NYSE:IONQ) Shares Down 3.9% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price dropped 3.9% on Monday . The company traded as low as $28.11 and last traded at $27.77. Approximately 6,355,465 shares were traded during trading, a decline of 60% from the average daily volume of 16,072,965 shares. The stock had previously closed at $28.90.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group increased their target price 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. Benchmark decreased their target price on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. DA Davidson lowered their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Needham & Company LLC restated a "buy" rating and set a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, IonQ has a consensus rating of "Moderate Buy" and a consensus price target of $40.80.

IonQ Trading Down 2.1 %

The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of -33.94 and a beta of 2.50. The company has a fifty day moving average price of $24.42 and a two-hundred day moving average price of $29.64.

Insider Activity at IonQ

In other news, Director William F. Scannell bought 93,066 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares in the company, valued at $2,945,375.07. This trade represents a 221.69 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC purchased a new stake in IonQ in the fourth quarter valued at approximately $26,000. ORG Partners LLC raised its position in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares during the period. Smartleaf Asset Management LLC increased its position in shares of IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after acquiring an additional 501 shares during the period. Measured Risk Portfolios Inc. purchased a new stake in shares of IonQ during the fourth quarter worth $27,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of IonQ during the fourth quarter worth $33,000. Hedge funds and other institutional investors 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.