IonQ (NYSE:IONQ) Shares Down 2.2% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares fell 2.2% during trading on Friday . The stock traded as low as $32.57 and last traded at $33.02. 6,815,419 shares traded hands during trading, a decline of 75% from the average session volume of 27,217,791 shares. The stock had previously closed at $33.75.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IONQ. The Goldman Sachs Group raised their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC raised their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $33.00.

IonQ Trading Down 6.2 %

The stock has a market cap of $6.85 billion, a P/E ratio of -38.79 and a beta of 2.40. The firm’s 50-day simple moving average is $39.93 and its 200 day simple moving average is $23.85.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction 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 transaction, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,223 shares of company stock worth $1,314,652. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pathway Financial Advisers LLC bought a new position in shares of IonQ during the 4th quarter worth about $26,000. Smartleaf Asset Management LLC lifted its holdings in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. bought a new position in IonQ during the 4th quarter valued at about $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ in the fourth quarter worth about $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of IonQ during the 4th quarter worth approximately $34,000. 41.42% of the stock is owned by institutional investors.

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.