IonQ (NYSE:IONQ) Trading Up 6.2% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 6.2% during mid-day trading on Monday . The company traded as high as $33.63 and last traded at $33.1480. 19,033,569 shares were traded during trading, a decline of 12% from the average session volume of 21,537,008 shares. The stock had previously closed at $31.20.

Analyst Upgrades and Downgrades

IONQ has been the topic of several recent research reports. DA Davidson lowered their target price on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Thursday, January 22nd. Jefferies Financial Group began coverage on IonQ in a research note on Tuesday, December 16th. They set a “buy” rating and a $100.00 price objective on the stock. Wall Street Zen raised IonQ from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Morgan Stanley set a $37.00 target price on IonQ in a research report on Thursday, February 26th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, IonQ has an average rating of “Moderate Buy” and an average price target of $69.45.

IonQ Stock Performance

The company has a market cap of $12.15 billion, a P/E ratio of -13.31 and a beta of 2.61. The stock’s fifty day moving average price is $38.40 and its two-hundred day moving average price is $49.78.

Insiders Place Their Bets

In other IonQ news, Director William J. Teuber, Jr. bought 3,000 shares of the stock in a transaction on Friday, February 27th. The stock was purchased at an average price of $38.38 per share, with a total value of $115,140.00. Following the completion of the purchase, the director owned 9,413 shares in the company, valued at $361,270.94. The trade was a 46.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert T. Cardillo sold 5,165 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $39.44, for a total value of $203,707.60. Following the transaction, the insider directly owned 112,291 shares of the company’s stock, valued at approximately $4,428,757.04. The trade was a 4.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 8,581 shares of company stock worth $316,156 over the last three months. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in IonQ by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after purchasing an additional 5,420,037 shares during the last quarter. Norges Bank bought a new stake in shares of IonQ during the fourth quarter worth $199,753,000. Marex Group plc increased its holdings in shares of IonQ by 419.1% during the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after buying an additional 3,296,866 shares in the last quarter. State Street Corp increased its holdings in shares of IonQ by 42.3% during the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after buying an additional 2,663,230 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of IonQ by 648.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock valued at $114,917,000 after acquiring an additional 2,317,058 shares during the last quarter. 41.42% of the stock is owned by institutional investors.

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.