IonQ (NYSE:IONQ) Stock Price Down 2.2% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) traded down 2.2% during trading on Tuesday . The stock traded as low as $35.03 and last traded at $35.0760. 17,096,949 shares changed hands during trading, a decline of 22% from the average session volume of 21,836,426 shares. The stock had previously closed at $35.87.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wedbush initiated coverage on IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price objective for the company. Mizuho began coverage on IonQ in a report on Thursday, December 11th. They issued an “outperform” rating and a $90.00 target price on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of IonQ in a report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $69.45.

IonQ Price Performance

The company has a 50 day simple moving average of $41.06 and a 200-day simple moving average of $50.31. The stock has a market cap of $12.86 billion, a P/E ratio of -14.09 and a beta of 2.61.

Insider Activity at IonQ

In other news, Director William J. Teuber, Jr. purchased 3,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the transaction, the director directly owned 9,413 shares of the company’s stock, valued at $361,270.94. This trade represents a 46.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 5,000 shares of the firm’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $55.00, for a total value 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 represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,781 shares of company stock worth $1,525,804 over the last quarter. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Stone House Investment Management LLC boosted its position in shares of IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after buying an additional 350 shares during the last quarter. Ameriflex Group Inc. increased its holdings in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after buying an additional 340 shares during the last quarter. Hilltop National Bank raised its holdings in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after purchasing an additional 225 shares during the period. Financial Consulate Inc. purchased a new position in shares of IonQ during the 3rd quarter valued at about $29,000. Finally, UMB Bank n.a. purchased a new position in IonQ during the third quarter valued at approximately $31,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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. 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.