IonQ (NYSE:IONQ) Trading Up 2.3% - Here's Why

Key Points

• Shares of IonQ traded up 2.3% mid-day to about $46.18 on volume of ~20.4M shares, roughly 16% below the average session volume.
• Wall Street ratings are mixed but tilted positive, with a consensus of "Moderate Buy" and an average analyst target of $68.25, even as firms like JPMorgan and DA Davidson recently trimmed price objectives.
• Insiders and institutions are active: a director bought 3,000 shares at $38.38 while another insider sold 5,165 shares, and institutional ownership stands at about 41.42% after several funds boosted stakes.

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) traded up 2.3% during mid-day trading on Friday . The stock traded as high as $46.31 and last traded at $46.1780. 20,399,054 shares were traded during mid-day trading, a decline of 16% from the average session volume of 24,183,008 shares. The stock had previously closed at $45.12.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on IONQ shares. JPMorgan Chase & Co. lowered their price objective on shares of IonQ from $47.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of IonQ from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. DA Davidson lowered their price objective on shares of IonQ from $55.00 to $35.00 and set a "neutral" rating on the stock in a research note on Thursday, February 26th. Northland Securities started coverage on shares of IonQ in a research note on Monday, April 20th. They set an "outperform" rating and a $55.00 price objective on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of IonQ in a research note on Monday, February 9th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $68.25.

IonQ Stock Performance

The firm has a market cap of $16.93 billion, a P/E ratio of -18.55 and a beta of 2.80. The firm's fifty day moving average is $35.35 and its 200 day moving average is $44.45.

Insider Buying and Selling

In related news, Director William J. Teuber, Jr. bought 3,000 shares of IonQ stock in a transaction that occurred on Friday, February 27th. The stock was acquired at an average price of $38.38 per share, with a total value of $115,140.00. Following the acquisition, the director owned 9,413 shares of the company's stock, valued at approximately $361,270.94. This represents a 46.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert T. Cardillo sold 5,165 shares of IonQ stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the sale, the insider directly owned 112,291 shares of the company's stock, valued at $4,428,757.04. The trade was a 4.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 8,581 shares of company stock valued at $316,156. Company insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Royal Bank of Canada boosted its holdings in IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company's stock valued at $2,962,000 after purchasing an additional 14,898 shares during the period. Amundi bought a new stake in IonQ in the 1st quarter valued at about $630,000. AQR Capital Management LLC boosted its holdings in IonQ by 106.2% in 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in 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 valued at $9,932,000 after purchasing an additional 87,428 shares during the period. Finally, Focus Partners Wealth boosted its holdings in IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock valued at $1,032,000 after purchasing an additional 10,881 shares during the period. 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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.