IonQ (NYSE:IONQ) Stock Price Down 2.2% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price dropped 2.2% on Tuesday . The company traded as low as $35.03 and last traded at $35.0760. Approximately 17,096,949 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 21,836,426 shares. The stock had previously closed at $35.87.

Analyst Upgrades and Downgrades

Several analysts have issued reports on IONQ shares. Wedbush started coverage on shares of IonQ in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a research report on Thursday, February 26th. JPMorgan Chase & Co. dropped their price objective on shares of IonQ from $47.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a research report on Thursday, January 22nd. Finally, Benchmark reduced their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $69.45.

IonQ Trading Down 2.2%

The firm has a market cap of $12.86 billion, a P/E ratio of -14.09 and a beta of 2.61. The firm’s 50 day moving average is $41.06 and its two-hundred day moving average is $50.31.

Insider Buying and Selling

In other news, Director Kathryn K. Chou sold 20,000 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $51.40, for a total value of $1,028,000.00. Following the completion of the sale, the director owned 60,839 shares of the company’s stock, valued at approximately $3,127,124.60. This represents a 24.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 completion of the sale, 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 three months, insiders sold 30,781 shares of company stock worth $1,525,804. 5.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stone House Investment Management LLC increased its stake in IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. raised its holdings 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 during the last quarter. Hilltop National Bank lifted its holdings in shares of IonQ by 112.5% during the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after purchasing an additional 225 shares during the period. Financial Consulate Inc. acquired a new stake in shares of IonQ in the third quarter valued at about $29,000. Finally, UMB Bank n.a. acquired a new stake in IonQ during the 3rd quarter valued at approximately $31,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.