IonQ (NYSE:IONQ) Trading Up 3.5% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded up 3.5% during trading on Wednesday . The company traded as high as $31.07 and last traded at $30.78. 3,858,248 shares were traded during trading, a decline of 85% from the average session volume of 26,068,010 shares. The stock had previously closed at $29.73.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Craig Hallum increased their price target on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. The Goldman Sachs Group increased their price target on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. DA Davidson upgraded IonQ to a "strong-buy" rating in a research report on Thursday, February 20th. Benchmark decreased their price target on IonQ from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Needham & Company LLC restated a "buy" rating and set a $54.00 price target on shares of IonQ in a research report on Thursday. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, IonQ currently has a consensus rating of "Buy" and an average target price of $44.80.

IonQ Stock Performance

The stock has a market capitalization of $5.32 billion, a P/E ratio of -30.37 and a beta of 2.41. The stock has a 50-day simple moving average of $38.59 and a 200 day simple moving average of $24.88.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 21,337 shares of the 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The shares were 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 trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,223 shares of company stock worth $1,314,652. Insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Pathway Financial Advisers LLC acquired a new position in shares of IonQ in the 4th quarter valued at $26,000. Smartleaf Asset Management LLC lifted 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 valued at $27,000 after purchasing an additional 501 shares during the period. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ in the 4th quarter valued at $33,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of IonQ in the 4th quarter valued at $34,000. Institutional investors and hedge funds 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.