IonQ (NYSE:IONQ) Trading 0.6% Higher – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) traded up 0.6% on Friday . The stock traded as high as $21.29 and last traded at $20.59. 5,088,084 shares changed hands during trading, a decline of 63% from the average session volume of 13,887,361 shares. The stock had previously closed at $20.48.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. DA Davidson upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Benchmark dropped their target price on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group boosted their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Finally, Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, IonQ currently has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Performance

The company has a 50 day simple moving average of $36.29 and a two-hundred day simple moving average of $25.39. The firm has a market cap of $4.48 billion, a PE ratio of -25.55 and a beta of 2.50.

Insider Activity

In other news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 in the last quarter. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of large investors have recently bought and sold shares of the business. PDS Planning Inc raised its holdings in IonQ by 2.6% in the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock worth $494,000 after purchasing an additional 300 shares during the period. Mariner LLC raised its holdings in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company’s stock worth $2,276,000 after purchasing an additional 350 shares during the period. Allworth Financial LP raised its holdings in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock worth $116,000 after purchasing an additional 363 shares during the period. GAMMA Investing LLC raised its holdings in IonQ by 73.2% in the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after purchasing an additional 480 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares during the period. Institutional investors and hedge funds 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.