IonQ (NYSE:IONQ) Trading 3.3% Higher - Here's What Happened

Key Points

• IonQ (IONQ) rose 3.3% on Monday to about $29.73 with an intraday high of $29.84, on 15,026,382 shares traded (down 27% from average); the company has a market cap of $10.9B and its 50-/200-day moving averages are $32.95 and $46.82 respectively.
• Wall Street sentiment is a consensus "Moderate Buy" with an average price target of $69.45; analysts' recent targets range from $65 to $100 and the ratings split is roughly 9 Buys, 6 Holds and 1 Sell.
• Insider activity was mixed: John W. Raymond sold 2,800 shares while director William J. Teuber Jr. purchased 3,000 shares; insiders own about 5.20% of the stock and institutional ownership is roughly 41.42%.

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded up 3.3% on Monday . The company traded as high as $29.84 and last traded at $29.7340. 15,026,382 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 20,631,035 shares. The stock had previously closed at $28.79.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Benchmark lowered their price target on IonQ from $75.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Rosenblatt Securities reiterated a "buy" rating and issued a $100.00 price target on shares of IonQ in a report on Thursday, February 26th. Jefferies Financial Group assumed coverage on IonQ in a report on Tuesday, December 16th. They issued a "buy" rating and a $100.00 price target for the company. Needham & Company LLC lowered their price target on IonQ from $80.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of IonQ in a report on Monday, February 9th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus price target of $69.45.

IonQ Stock Performance

The stock has a market capitalization of $10.90 billion, a P/E ratio of -11.94 and a beta of 2.80. The stock has a 50 day moving average of $32.95 and a 200 day moving average of $46.82.

Insider Buying and Selling

In related news, insider John W. Raymond sold 2,800 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This represents a 3.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Teuber, Jr. acquired 3,000 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average price of $38.38 per share, with a total value of $115,140.00. Following the completion of the purchase, the director owned 9,413 shares in the company, valued at $361,270.94. The trade was a 46.78% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 8,581 shares of company stock worth $316,156 in the last three months. 5.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Stone House Investment Management LLC grew its stake in shares of IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company's stock worth $25,000 after purchasing an additional 350 shares in the last quarter. Ameriflex Group Inc. grew its stake in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock worth $25,000 after purchasing an additional 340 shares in the last quarter. Hilltop National Bank grew its stake in shares of IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company's stock worth $26,000 after purchasing an additional 225 shares in the last quarter. Accent Capital Management LLC grew its stake in shares of IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company's stock worth $26,000 after purchasing an additional 371 shares in the last quarter. Finally, Fortitude Family Office LLC grew its stake in shares of IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock worth $28,000 after purchasing an additional 608 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.

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. 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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