IonQ (NYSE:IONQ) Stock Price Up 7.2% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) shot up 7.2% during trading on Thursday . The stock traded as high as $45.48 and last traded at $45.15. 22,992,809 shares were traded during trading, a decline of 5% from the average session volume of 24,226,631 shares. The stock had previously closed at $42.11.

Wall Street Analyst Weigh In

Several research firms recently commented on IONQ. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of IonQ in a research note on Thursday, February 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Northland Securities assumed coverage on IonQ in a research report on Monday, April 20th. They set an “outperform” rating and a $55.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of IonQ in a research report on Tuesday, April 21st. Finally, Wall Street Zen upgraded IonQ from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $68.25.

IonQ Trading Up 7.2%

The business has a 50-day moving average price of $35.11 and a 200 day moving average price of $44.45. The company has a market cap of $16.55 billion, a price-to-earnings ratio of -18.13 and a beta of 2.80.

Insider Activity

In other news, insider John W. Raymond sold 2,800 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares in the company, valued at approximately $2,799,326.42. This represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert T. Cardillo sold 5,165 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total value of $203,707.60. Following the completion of the sale, the insider owned 112,291 shares of the company’s stock, valued at $4,428,757.04. The trade was a 4.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 8,581 shares of company stock worth $316,156. Insiders own 5.20% of the company’s stock.

Institutional Trading of IonQ

A number of hedge funds have recently modified their holdings of IONQ. Vanguard Group Inc. lifted its holdings in shares of IonQ by 18.5% in the fourth 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 in the last quarter. Norges Bank purchased a new stake in shares of IonQ in the fourth quarter valued at $199,753,000. Marex Group plc lifted its holdings in shares of IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after purchasing an additional 3,296,866 shares in the last quarter. State Street Corp lifted its holdings in shares of IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after purchasing an additional 2,663,230 shares in the last quarter. Finally, Clear Street Group Inc. lifted its holdings in shares of IonQ by 219.6% in the fourth quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock valued at $143,396,000 after purchasing an additional 2,196,017 shares in the last quarter. 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.