IonQ (NYSE:IONQ) Trading 3.5% Higher – What’s Next?

IonQ, Inc. (NYSE:IONQ) shares traded up 3.5% during mid-day trading on Wednesday . The company traded as high as $31.07 and last traded at $30.78. 3,858,248 shares changed hands during trading, a decline of 85% from the average session volume of 26,068,010 shares. The stock had previously closed at $29.73.

Wall Street Analysts Forecast Growth

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

IonQ Trading Up 1.3 %

The business has a 50 day simple moving average of $39.40 and a 200-day simple moving average of $24.59. The stock has a market capitalization of $6.52 billion, a price-to-earnings ratio of -37.36 and a beta of 2.41.

Insider Activity

In related news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred 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 owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now directly owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently made changes to their positions in IONQ. Vanguard Group Inc. raised its position in shares of IonQ by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock valued at $892,797,000 after acquiring an additional 125,144 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of IonQ by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock worth $186,593,000 after acquiring an additional 45,942 shares during the last quarter. State Street Corp boosted its holdings in shares of IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after acquiring an additional 75,596 shares during the period. JPMorgan Chase & Co. raised its stake in IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Finally, Northern Trust Corp grew its stake in IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock worth $80,809,000 after buying an additional 216,752 shares in the last quarter. Institutional investors 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.