IonQ (NYSE:IONQ) Stock Price Down 7.8% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares were down 7.8% during trading on Thursday . The stock traded as low as $41.92 and last traded at $43.6690. Approximately 35,579,437 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 24,329,965 shares. The stock had previously closed at $47.36.

Analysts Set New Price Targets

Several analysts have commented on IONQ shares. JPMorgan Chase & Co. dropped their price objective on IonQ from $47.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Benchmark dropped their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Needham & Company LLC dropped their price objective on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Finally, DA Davidson dropped their price objective on IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and a consensus price target of $68.25.

IonQ Price Performance

The stock has a 50 day moving average price of $34.55 and a 200-day moving average price of $45.34. The stock has a market capitalization of $15.64 billion, a price-to-earnings ratio of -17.14 and a beta of 2.80.

Insider Transactions at IonQ

In other news, insider Robert T. Cardillo sold 5,165 shares of IonQ stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total value of $203,707.60. Following the sale, the insider directly owned 112,291 shares of the company’s stock, valued at $4,428,757.04. The trade was a 4.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William J. Teuber, Jr. purchased 3,000 shares of the stock in a transaction dated Friday, February 27th. The stock was purchased at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the purchase, the director directly owned 9,413 shares of the company’s stock, valued at approximately $361,270.94. The trade was a 46.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 8,581 shares of company stock valued at $316,156 over the last ninety days. Insiders own 5.20% of the company’s stock.

Institutional Trading of IonQ

A number of institutional investors have recently made changes to their positions in IONQ. Stone House Investment Management LLC boosted its stake in shares of IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. lifted its position in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares in the last quarter. Accent Capital Management LLC lifted its position in IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after buying an additional 371 shares in the last quarter. Fortitude Family Office LLC lifted its position in IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after buying an additional 608 shares in the last quarter. Finally, Financial Consulate Inc. purchased a new position in IonQ during the third quarter worth approximately $29,000. 41.42% of the stock is 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.