IonQ (NYSE:IONQ) Shares Down 2.7% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price fell 2.7% on Wednesday . The company traded as low as $32.36 and last traded at $32.3940. 15,993,592 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 21,752,773 shares. The stock had previously closed at $33.31.

Analyst Ratings Changes

IONQ has been the topic of a number of recent research reports. Wedbush started coverage on shares of IonQ in a research note on Wednesday, December 17th. They set an “outperform” rating and a $60.00 price target on the stock. DA Davidson dropped their price target on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of IonQ from a “sell” rating to a “hold” rating in a report on Saturday. Jefferies Financial Group initiated coverage on shares of IonQ in a research report on Tuesday, December 16th. They issued a “buy” rating and a $100.00 price objective on the stock. Finally, Benchmark reduced their price objective on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.45.

IonQ Stock Down 2.7%

The business’s 50 day moving average is $39.48 and its two-hundred day moving average is $50.00. The firm has a market cap of $11.88 billion, a P/E ratio of -13.01 and a beta of 2.61.

Insiders Place Their Bets

In other news, Director William J. Teuber, Jr. purchased 3,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The shares were purchased at an average price of $38.38 per share, with a total value of $115,140.00. Following the completion of the acquisition, the director owned 9,413 shares in the company, valued at $361,270.94. This trade represents a 46.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Robert T. Cardillo sold 5,165 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the transaction, the insider owned 112,291 shares of the company’s stock, valued at $4,428,757.04. This trade represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,581 shares of company stock worth $591,156 over the last 90 days. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in 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 purchasing an additional 5,420,037 shares during the period. Norges Bank bought a new stake in IonQ during the fourth quarter valued at approximately $199,753,000. Marex Group plc increased its position in IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after buying an additional 3,296,866 shares in the last quarter. State Street Corp raised its position in shares of 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 period. Finally, JPMorgan Chase & Co. lifted its holdings in IonQ by 648.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after purchasing an additional 2,317,058 shares in the last quarter. 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. 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.