IonQ (NYSE:IONQ) Shares Down 7.8% – What’s Next?

IonQ, Inc. (NYSE:IONQ) traded down 7.8% during trading on Tuesday . The stock traded as low as $28.12 and last traded at $28.80. 6,567,322 shares were traded during trading, a decline of 75% from the average session volume of 26,444,883 shares. The stock had previously closed at $31.24.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IONQ. Craig Hallum increased their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. The Goldman Sachs Group boosted their target price 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. Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. DA Davidson upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Finally, Benchmark raised their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $33.00.

IonQ Stock Down 5.1 %

The business’s 50-day simple moving average is $39.68 and its 200-day simple moving average is $24.44. The stock has a market cap of $6.41 billion, a PE ratio of -36.63 and a beta of 2.40.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,223 shares of company stock worth $1,314,652 in the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares in the last quarter. Yong Rong HK Asset Management Ltd bought a new stake in shares of IonQ during the 3rd quarter valued at $3,749,000. Rockefeller Capital Management L.P. boosted its holdings in shares of IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after buying an additional 111,435 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of IonQ in the 3rd quarter worth about $1,631,000. Finally, Prospera Financial Services Inc increased its stake in shares of IonQ by 196.1% in the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after acquiring an additional 25,502 shares in the last quarter. Hedge funds and other 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.