IonQ (NYSE:IONQ) Stock Price Up 3.5% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

IonQ Stock Performance

The firm has a 50 day moving average price of $39.40 and a 200-day moving average price of $24.59. The company has a market cap of $6.52 billion, a P/E ratio of -37.36 and a beta of 2.41.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,223 shares of company stock valued at $1,314,652 in the last 90 days. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in IONQ. Integrated Advisors Network LLC acquired a new position in IonQ during the 4th quarter worth approximately $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of IonQ by 29.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock worth $15,146,000 after acquiring an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC bought a new position in shares of IonQ in the fourth quarter valued at approximately $7,081,000. Virtus Fund Advisers LLC bought a new stake in IonQ during the fourth quarter valued at $42,000. Finally, Virtus Investment Advisers Inc. purchased a new position in IonQ in the fourth quarter worth $209,000. 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.