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

IonQ, Inc. (NYSE:IONQ) shares were down 7.8% during mid-day trading on Tuesday . The stock traded as low as $34.07 and last traded at $34.55. Approximately 9,629,879 shares changed hands during trading, a decline of 66% from the average daily volume of 28,225,967 shares. The stock had previously closed at $37.46.

Analyst Upgrades and Downgrades

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

IonQ Price Performance

The stock has a fifty day moving average of $39.86 and a two-hundred day moving average of $23.78. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of -41.64 and a beta of 2.40.

Insider Activity at IonQ

In related news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of IonQ by 29.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock valued at $15,146,000 after acquiring an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in IonQ during the fourth quarter worth $7,081,000. Virtus Fund Advisers LLC purchased a new position in IonQ in the fourth quarter worth $42,000. Virtus Investment Advisers Inc. bought a new position in IonQ in the 4th quarter valued at $209,000. Finally, Visionary Wealth Advisors purchased a new stake in shares of IonQ during the 4th quarter valued at $567,000. 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.