IonQ (NYSE:IONQ) Shares Down 7.8% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price dropped 7.8% during mid-day trading on Friday . The stock traded as low as $27.38 and last traded at $27.5070. Approximately 19,205,506 shares traded hands during trading, a decline of 9% from the average daily volume of 21,199,049 shares. The stock had previously closed at $29.84.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on IONQ shares. Mizuho began coverage on shares of IonQ in a research note on Thursday, December 11th. They issued an “outperform” rating and a $90.00 price objective for the company. Needham & Company LLC decreased their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Morgan Stanley set a $37.00 price target on shares of IonQ in a report on Thursday, February 26th. Jefferies Financial Group started coverage on IonQ in a research note on Tuesday, December 16th. They issued a “buy” rating and a $100.00 price target for the company. Finally, Benchmark cut their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $69.45.

IonQ Trading Down 7.8%

The firm has a market capitalization of $10.09 billion, a price-to-earnings ratio of -11.05 and a beta of 2.61. The firm’s 50-day moving average is $36.99 and its 200 day moving average is $49.39.

Insider Transactions at IonQ

In related news, Director William J. Teuber, Jr. acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The stock was acquired at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the acquisition, the director directly owned 9,413 shares of the company’s stock, valued at approximately $361,270.94. This trade represents a 46.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John W. Raymond sold 2,800 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the transaction, the insider directly owned 83,963 shares of the company’s stock, valued at approximately $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 8,581 shares of company stock worth $316,156. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in the stock. Stone House Investment Management LLC raised its position in shares of IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. boosted its holdings in IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after acquiring an additional 340 shares during the last quarter. Hilltop National Bank increased its position in IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares during the period. Accent Capital Management LLC increased its position in IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the period. Finally, Fortitude Family Office LLC raised its holdings in IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares during the last quarter. 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.