IonQ (NYSE:IONQ) Shares Down 3.6% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report) was down 3.6% during mid-day trading on Wednesday . The company traded as low as $26.33 and last traded at $27.07. Approximately 4,403,129 shares traded hands during trading, a decline of 73% from the average daily volume of 16,063,004 shares. The stock had previously closed at $28.09.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IONQ. DA Davidson lowered their price target on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Benchmark lowered their price objective 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. Needham & Company LLC reissued a "buy" rating and set a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.80.

IonQ Stock Up 12.9 %

The business's 50 day simple moving average is $24.37 and its 200 day simple moving average is $30.01. The company has a market capitalization of $6.89 billion, a PE ratio of -38.17 and a beta of 2.50.

Insider Buying and Selling

In other news, Director William F. Scannell purchased 93,066 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the purchase, the director now directly owns 135,047 shares of the company's stock, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 owns 414,363 shares of the company's stock, valued at $7,756,875.36. This represents a 82.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IONQ. Victory Capital Management Inc. increased its holdings in IonQ by 237.6% in the 1st quarter. Victory Capital Management Inc. now owns 77,856 shares of the company's stock valued at $1,718,000 after buying an additional 54,797 shares during the period. SBI Securities Co. Ltd. boosted its position in shares of IonQ by 4.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 132,159 shares of the company's stock valued at $2,917,000 after acquiring an additional 5,177 shares in the last quarter. Signaturefd LLC increased its stake in IonQ by 20.7% in the first quarter. Signaturefd LLC now owns 4,048 shares of the company's stock valued at $89,000 after acquiring an additional 694 shares during the period. UNICOM Systems Inc. raised its position in IonQ by 77.4% in the first quarter. UNICOM Systems Inc. now owns 768,900 shares of the company's stock worth $16,970,000 after purchasing an additional 335,429 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its stake in IonQ by 9.4% during the first quarter. Bleakley Financial Group LLC now owns 19,011 shares of the company's stock worth $420,000 after purchasing an additional 1,638 shares during the period. 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.