IonQ (NYSE:IONQ) Trading Down 4.4% – What’s Next?
by Renee Jackson · The Cerbat GemIonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price traded down 4.4% during trading on Wednesday . The company traded as low as $33.01 and last traded at $33.64. 15,913,333 shares were traded during mid-day trading, a decline of 25% from the average session volume of 21,266,537 shares. The stock had previously closed at $35.19.
Wall Street Analysts Forecast Growth
IONQ has been the topic of a number of recent analyst reports. Zacks Research raised shares of IonQ from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Jefferies Financial Group initiated coverage on IonQ in a research note on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of IonQ in a research report on Tuesday, January 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a report on Friday, February 6th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, IonQ has an average rating of “Moderate Buy” and a consensus price target of $75.91.
Read Our Latest Report on IonQ
IonQ Stock Down 4.4%
The stock has a market cap of $11.69 billion, a price-to-earnings ratio of -6.29 and a beta of 2.63. The company has a 50 day simple moving average of $46.89 and a 200-day simple moving average of $51.07.
Insider Activity
In other news, Director Kathryn K. Chou sold 20,000 shares of IonQ stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $51.40, for a total value of $1,028,000.00. Following the transaction, the director owned 60,839 shares of the company’s stock, valued at $3,127,124.60. The trade was a 24.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the sale, the executive owned 432,616 shares in the company, valued at $20,285,364.24. This represents a 18.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 125,000 shares of company stock valued at $5,992,000. 5.20% of the stock is owned by insiders.
Hedge Funds Weigh In On IonQ
A number of institutional investors have recently modified their holdings of IONQ. Royal Bank of Canada grew its position in IonQ by 12.5% during the first quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after buying an additional 14,898 shares in the last quarter. Amundi acquired a new position in IonQ during the 1st quarter valued at about $630,000. AQR Capital Management LLC boosted its position in shares of IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after purchasing an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in IonQ by 24.1% during 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 worth $9,932,000 after acquiring an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in IonQ by 30.3% in the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $1,032,000 after acquiring an additional 10,881 shares during the period. Institutional investors own 41.42% of the company’s stock.
IonQ Company Profile
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.