IonQ (NYSE:IONQ) Trading 15.3% Higher – Here’s What Happened

by · The Markets Daily

IonQ, Inc. (NYSE:IONQ – Get Free Report)’s share price rose 15.3% during mid-day trading on Friday . The stock traded as high as $25.11 and last traded at $24.65. Approximately 17,276,973 shares traded hands during mid-day trading, an increase of 22% from the average daily volume of 14,145,638 shares. The stock had previously closed at $21.37.

Wall Street Analyst Weigh In

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

View Our Latest Analysis on IONQ

IonQ Stock Up 16.9 %

The company has a fifty day moving average price of $34.47 and a 200-day moving average price of $25.61. The stock has a market capitalization of $5.57 billion, a P/E ratio of -30.84 and a beta of 2.50.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 944,510 shares of the company’s stock, valued at $17,539,550.70. The trade was a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares of the company’s stock, valued at $7,756,875.36. The trade was a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock worth $38,059,593 in the last three months. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Integrated Advisors Network LLC purchased a new stake in shares of IonQ in the fourth quarter worth approximately $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in IonQ by 29.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock worth $15,146,000 after acquiring an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in shares of IonQ during the fourth quarter valued at approximately $7,081,000. Virtus Fund Advisers LLC purchased a new stake in shares of IonQ in the fourth quarter valued at approximately $42,000. Finally, Virtus Investment Advisers Inc. bought a new position in IonQ in the fourth quarter worth approximately $209,000. Institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

(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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