IonQ (NYSE:IONQ) Stock Price Down 4.2% – Here’s Why

by · The Cerbat Gem

IonQ, Inc. (NYSE:IONQ – Get Free Report) fell 4.2% on Friday . The company traded as low as $21.92 and last traded at $22.66. 6,305,282 shares were traded during trading, a decline of 58% from the average session volume of 14,887,723 shares. The stock had previously closed at $23.65.

Analyst Ratings Changes

A number of brokerages have recently commented on IONQ. Benchmark dropped their price target on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. DA Davidson raised 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. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Finally, Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, IonQ presently has a consensus rating of “Buy” and a consensus price target of $44.80.

View Our Latest Stock Report on IONQ

IonQ Price Performance

The firm has a 50-day moving average of $31.35 and a 200 day moving average of $27.03. The company has a market capitalization of $5.11 billion, a PE ratio of -28.30 and a beta of 2.50.

Insider Transactions at IonQ

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

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the company. PDS Planning Inc boosted its holdings in shares of IonQ by 2.6% in the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock worth $494,000 after buying an additional 300 shares during the last quarter. Mariner LLC raised its position in IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company’s stock worth $2,276,000 after acquiring an additional 350 shares during the period. Allworth Financial LP boosted its stake in shares of IonQ by 15.2% during the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock worth $116,000 after acquiring an additional 363 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after acquiring an additional 480 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after acquiring an additional 501 shares during the period. 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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