IonQ (NYSE:IONQ) Stock Price Up 7.2% - Here's What Happened

Key Points

• IonQ shares popped 7.2% on Thursday to a last trade of $45.15 (intraday high $45.48) on ~22.99M shares, about 5% below its average daily volume.
• Analysts remain mixed but generally positive: the consensus is a "Moderate Buy" with an average price target of $68.25, based on 10 Buys, 6 Holds and 1 Sell and price targets ranging roughly from $35 to $100.
• Insiders have recently trimmed positions (8,581 shares sold in the past three months, insiders own ~5.2%), while institutional investors hold ~41.4% of the stock with several funds increasing stakes.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price rose 7.2% during trading on Thursday . The stock traded as high as $45.48 and last traded at $45.15. Approximately 22,992,809 shares changed hands during trading, a decline of 5% from the average daily volume of 24,226,631 shares. The stock had previously closed at $42.11.

Analysts Set New Price Targets

IONQ has been the subject of several recent research reports. Needham & Company LLC lowered their target price on IonQ from $80.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 26th. DA Davidson lowered their target price on IonQ from $55.00 to $35.00 and set a "neutral" rating for the company in a report on Thursday, February 26th. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. Morgan Stanley set a $37.00 price objective on IonQ in a report on Thursday, February 26th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of IonQ in a report on Monday, February 9th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and an average target price of $68.25.

IonQ Stock Performance

The firm has a market capitalization of $16.55 billion, a P/E ratio of -18.13 and a beta of 2.80. The business has a fifty day moving average of $35.11 and a 200-day moving average of $44.45.

Insider Buying and Selling

In related news, insider Robert T. Cardillo sold 5,165 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total value of $203,707.60. Following the completion of the transaction, the insider directly owned 112,291 shares of the company's stock, valued at $4,428,757.04. This represents a 4.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the transaction, the insider directly owned 83,963 shares of the company's stock, valued at approximately $2,799,326.42. The trade was a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 8,581 shares of company stock valued at $316,156 in the last three months. 5.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Royal Bank of Canada raised its position in IonQ by 12.5% in the first quarter. Royal Bank of Canada now owns 134,176 shares of the company's stock worth $2,962,000 after acquiring an additional 14,898 shares in the last quarter. Amundi bought a new position in shares of IonQ during the 1st quarter valued at about $630,000. AQR Capital Management LLC boosted its position in shares of IonQ by 106.2% during the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company's stock valued at $1,265,000 after purchasing an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock worth $9,932,000 after purchasing an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth raised its holdings in shares of IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock worth $1,032,000 after purchasing an additional 10,881 shares in the last quarter. Institutional investors 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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