IonQ (NYSE:IONQ) Trading 1.8% Higher – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) rose 1.8% during mid-day trading on Wednesday . The stock traded as high as $39.05 and last traded at $38.39. Approximately 6,303,966 shares changed hands during trading, a decline of 79% from the average daily volume of 29,890,510 shares. The stock had previously closed at $37.70.

Analyst Ratings Changes

Several research analysts have commented on the company. The Goldman Sachs Group lifted their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC boosted their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, DA Davidson began coverage on IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

IonQ Price Performance

The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of -47.01 and a beta of 2.40. The firm’s fifty day moving average is $39.56 and its 200-day moving average is $22.67.

Insider Buying and Selling at IonQ

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

Hedge Funds Weigh In On IonQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IONQ. Life Planning Partners Inc purchased a new position in IonQ in the fourth quarter valued at about $472,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of IonQ during the fourth quarter worth approximately $29,513,000. Tucker Asset Management LLC grew its position in IonQ by 181.6% in the 4th quarter. Tucker Asset Management LLC now owns 1,943 shares of the company’s stock worth $81,000 after purchasing an additional 1,253 shares during the last quarter. Pictet Asset Management Holding SA increased its position in shares of IonQ by 41.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 28,174 shares of the company’s stock valued at $1,177,000 after purchasing an additional 8,194 shares during the period. Finally, Norges Bank acquired a new position in shares of IonQ in the 4th quarter valued at $6,097,000. 41.42% of the stock is owned by institutional investors.

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.