IonQ (NYSE:IONQ) Stock Price Down 3% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price traded down 3% during mid-day trading on Thursday . The stock traded as low as $34.31 and last traded at $36.02. 21,020,146 shares traded hands during trading, a decline of 5% from the average session volume of 22,064,209 shares. The stock had previously closed at $37.13.

Analysts Set New Price Targets

IONQ has been the subject of several research reports. Benchmark lowered their price target on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Wedbush initiated coverage on IonQ in a research report on Wednesday, December 17th. They set an “outperform” rating and a $60.00 target price on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a research note on Thursday, January 22nd. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $69.45.

IonQ Trading Down 3.0%

The stock has a 50-day moving average price of $41.74 and a two-hundred day moving average price of $50.26. The stock has a market cap of $12.51 billion, a price-to-earnings ratio of -14.47 and a beta of 2.61.

Insider Transactions at IonQ

In other IonQ news, insider Robert T. Cardillo sold 5,165 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the sale, the insider owned 112,291 shares of the company’s stock, valued at approximately $4,428,757.04. The trade was a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Teuber, Jr. purchased 3,000 shares of the business’s stock in a transaction on Friday, February 27th. The shares were bought at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the purchase, the director directly owned 9,413 shares in the company, valued at $361,270.94. This represents a 46.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have sold 30,781 shares of company stock worth $1,525,804. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of IonQ by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after acquiring an additional 5,420,037 shares during the period. State Street Corp grew its stake in IonQ by 42.3% during the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after purchasing an additional 2,663,230 shares during the last quarter. Geode Capital Management LLC increased its holdings 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. Norges Bank purchased a new position in shares of IonQ in the fourth quarter worth about $199,753,000. Finally, Marex Group plc lifted its holdings in shares of IonQ by 419.1% during the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after purchasing an additional 3,296,866 shares during the period. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.