IonQ (NYSE:IONQ) Stock Price Down 4.4% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price dropped 4.4% during trading on Wednesday . The company traded as low as $33.01 and last traded at $33.64. Approximately 15,913,333 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 21,266,537 shares. The stock had previously closed at $35.19.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on IONQ shares. JPMorgan Chase & Co. began coverage on IonQ in a research report on Thursday, November 20th. They set a “neutral” rating and a $47.00 target price on the stock. 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 objective on the stock. Mizuho initiated coverage on shares of IonQ in a research note on Thursday, December 11th. They issued an “outperform” rating and a $90.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a research note on Monday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and an average price target of $75.91.

IonQ Price Performance

The company has a market capitalization of $11.69 billion, a PE ratio of -6.29 and a beta of 2.63. The firm has a 50-day moving average of $46.89 and a 200 day moving average of $51.07.

Insider Activity at IonQ

In related news, Director Kathryn K. Chou sold 5,000 shares of IonQ stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $55.00, for a total transaction of $275,000.00. Following the transaction, the director directly owned 60,839 shares of the company’s stock, valued at $3,346,145. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Rima Alameddine sold 100,000 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total value of $4,689,000.00. Following the transaction, the executive directly owned 432,616 shares in the company, valued at approximately $20,285,364.24. The trade was a 18.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 125,000 shares of company stock worth $5,992,000 over the last three months. 5.20% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of IonQ by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after buying an additional 5,420,037 shares in the last quarter. Norges Bank purchased a new stake in IonQ in the fourth quarter valued at approximately $199,753,000. JPMorgan Chase & Co. lifted its stake in IonQ by 648.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after acquiring an additional 2,317,058 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of IonQ by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after purchasing an additional 1,452,463 shares during the period. Finally, Lansdowne Partners UK LLP grew its stake in shares of IonQ by 286.1% in the third quarter. Lansdowne Partners UK LLP now owns 1,937,031 shares of the company’s stock worth $119,127,000 after acquiring an additional 1,435,394 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.