IonQ (NYSE:IONQ) Stock Price Down 11.4% – Here’s What Happened

by · The Cerbat Gem

IonQ, Inc. (NYSE:IONQ – Get Free Report) fell 11.4% during mid-day trading on Friday . The company traded as low as $19.37 and last traded at $20.59. 11,750,878 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 15,234,027 shares. The stock had previously closed at $23.25.

Wall Street Analyst Weigh In

Several analysts have commented on IONQ shares. Craig Hallum boosted their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group increased their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Benchmark restated a “buy” rating and issued a $45.00 price target on shares of IonQ in a research report on Monday. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $44.80.

Read Our Latest Research Report on IonQ

IonQ Stock Performance

The company has a fifty day moving average of $29.87 and a two-hundred day moving average of $27.34. The company has a market cap of $4.59 billion, a PE ratio of -25.44 and a beta of 2.50.

Insider Activity

In related news, CFO Thomas G. Kramer sold 11,712 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the transaction, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the sale, the executive now owns 592,615 shares in the company, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its position in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares during the period. FMR LLC boosted its holdings in shares of IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares during the period. Rockefeller Capital Management L.P. raised its position in 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 purchasing an additional 111,435 shares in the last quarter. Verition Fund Management LLC purchased a new stake in shares of IonQ in the 3rd quarter worth $479,000. Finally, Holocene Advisors LP grew its position in shares of IonQ by 50.7% during the 3rd quarter. Holocene Advisors LP now owns 185,346 shares of the company’s stock worth $1,620,000 after buying an additional 62,362 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.

About IonQ

(Get Free Report)

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.

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