IonQ (NYSE:IONQ) Trading 2.2% Higher – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price traded up 2.2% on Monday . The company traded as high as $41.44 and last traded at $41.46. 5,655,541 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 31,061,072 shares. The stock had previously closed at $40.57.

Wall Street Analyst Weigh In

IONQ has been the topic of several research analyst reports. Craig Hallum raised their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. DA Davidson began coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price for the company. Finally, Benchmark lifted their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Trading Up 0.8 %

The stock’s 50 day moving average price is $39.56 and its 200 day moving average price is $22.67. The company has a market capitalization of $8.22 billion, a price-to-earnings ratio of -46.91 and a beta of 2.40.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now directly owns 571,321 shares in the company, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock worth $1,314,652 over the last ninety days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of IONQ. JPMorgan Chase & Co. grew its position in IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after buying an additional 2,293,231 shares in the last quarter. Chevy Chase Trust Holdings LLC acquired a new stake in shares of IonQ during the 4th quarter worth $32,060,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of IonQ during the 4th quarter worth $29,513,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in IonQ in the fourth quarter valued at about $19,242,000. Finally, Capital Advisors Inc. OK acquired a new position in IonQ in the fourth quarter valued at about $18,976,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Company Profile

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.