IonQ (NYSE:IONQ) Stock Price Down 4.4% – Here’s Why
by Teresa Graham · The Cerbat GemIonQ, Inc. (NYSE:IONQ – Get Free Report)’s share price traded down 4.4% during mid-day trading on Friday . The stock traded as low as $31.38 and last traded at $31.95. 15,691,774 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 20,347,209 shares. The stock had previously closed at $33.43.
Analysts Set New Price Targets
Several equities analysts have weighed in on the company. DA Davidson lifted their target price on IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of IonQ in a research report on Thursday, November 20th. They set a “neutral” rating and a $47.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research note on Thursday, January 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Finally, Morgan Stanley lifted their price objective on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 4th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.91.
Check Out Our Latest Stock Report on IonQ
IonQ Price Performance
The company has a fifty day simple moving average of $44.18 and a two-hundred day simple moving average of $50.58. The company has a market capitalization of $11.10 billion, a P/E ratio of -5.97 and a beta of 2.63.
Insider Transactions at IonQ
In other IonQ news, Director Kathryn K. Chou sold 5,000 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. Following the transaction, the director owned 60,839 shares in the company, valued at $3,346,145. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.20% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the company. Archer Investment Corp boosted its holdings in IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after acquiring an additional 322 shares during the period. Stone House Investment Management LLC boosted its stake in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after purchasing an additional 350 shares during the period. Ameriflex Group Inc. grew its holdings in IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after buying an additional 340 shares during the last quarter. Hilltop National Bank increased its position in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after buying an additional 225 shares during the period. Finally, Accent Capital Management LLC increased its position in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after buying an additional 371 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.