IonQ (NYSE:IONQ) Shares Down 6.8% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) fell 6.8% during mid-day trading on Thursday . The stock traded as low as $29.71 and last traded at $29.7750. 17,537,899 shares were traded during trading, a decline of 17% from the average session volume of 21,226,365 shares. The stock had previously closed at $31.96.

Analyst Ratings Changes

Several research firms have recently commented on IONQ. JPMorgan Chase & Co. reduced their price target on IonQ from $47.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Benchmark cut their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Finally, Jefferies Financial Group assumed coverage on shares of IonQ in a research note on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target on the stock. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and an average price target of $69.45.

IonQ Stock Performance

The firm has a market cap of $10.09 billion, a price-to-earnings ratio of -11.05 and a beta of 2.61. The business has a fifty day moving average of $36.52 and a two-hundred day moving average of $49.30.

Insiders Place Their Bets

In other IonQ news, Director William J. Teuber, Jr. acquired 3,000 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were purchased at an average cost of $38.38 per share, with a total value of $115,140.00. Following the purchase, the director owned 9,413 shares in the company, valued at approximately $361,270.94. The trade was a 46.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert T. Cardillo sold 5,165 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the transaction, the insider owned 112,291 shares of the company’s stock, valued at $4,428,757.04. This trade represents a 4.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 8,581 shares of company stock worth $316,156. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently modified their holdings of the business. Stone House Investment Management LLC increased its stake in shares of IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after purchasing an additional 350 shares in the last quarter. Ameriflex Group Inc. lifted its stake in IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after buying an additional 340 shares in the last quarter. Hilltop National Bank lifted its stake in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after buying an additional 225 shares in the last quarter. Financial Consulate Inc. acquired a new stake in IonQ during the 3rd quarter valued at $29,000. Finally, UMB Bank n.a. acquired a new stake in IonQ during the 3rd quarter valued at $31,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.