IonQ (NYSE:IONQ) Stock Price Down 3.9% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) dropped 3.9% during mid-day trading on Monday . The company traded as low as $28.11 and last traded at $27.77. Approximately 6,355,465 shares changed hands during trading, a decline of 60% from the average daily volume of 16,072,965 shares. The stock had previously closed at $28.90.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of research reports. DA Davidson dropped their price objective on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Finally, Benchmark decreased their price objective on shares of IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.80.

IonQ Stock Performance

The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of -34.41 and a beta of 2.50. The business’s 50 day moving average is $24.73 and its 200-day moving average is $29.54.

Insider Transactions at IonQ

In related news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction dated 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. This trade represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business’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 sale, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in shares of IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after acquiring an additional 2,293,231 shares during the last quarter. Chevy Chase Trust Holdings LLC bought a new position in shares of IonQ in the fourth quarter valued at about $32,060,000. Ameriprise Financial Inc. acquired a new position in IonQ during the 4th quarter worth about $29,519,000. Arrowstreet Capital Limited Partnership bought a new position in shares of IonQ in the fourth quarter worth about $29,513,000. Finally, Invesco Ltd. lifted its position in shares of IonQ by 439.3% during the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock worth $35,800,000 after purchasing an additional 698,146 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.