IonQ (NYSE:IONQ) Shares Down 1% - Here's Why

IonQ, Inc. (NYSE:IONQ) experienced a slight decline of 1% in its share price during mid-day trading on Wednesday. The stock hit a low of $25.02 before closing at $25.29. The trading volume reached 18,077,314 shares, marking a 22% increase compared to the average daily volume of 14,767,807 shares. The previous closing price for IonQ shares stood at $25.55.

Wall Street Analyst Comments

Several analysts have provided insights regarding IonQ's stock. Benchmark has lowered its target price for IonQ from $50.00 to $45.00 while maintaining a "buy" rating. This adjustment was reported recently. Meanwhile, Goldman Sachs has increased its price target from $16.00 to $30.00 and rated the stock as "neutral." On the other hand, Needham & Company LLC reaffirmed its "buy" rating and set a target price of $54.00 for IonQ. DA Davidson has also upgraded the rating to "strong-buy." Additionally, Craig Hallum raised its price objective from $22.00 to $45.00, complementing their "buy" rating. The market response indicates that one analyst gave a hold rating, three analysts issued buy ratings, and one designated it as a strong buy. According to MarketBeat.com, IonQ currently carries a consensus rating of "Buy," with an average target price of $44.80.

Current Stock Performance

IonQ's stock showed a minor increase of 0.1%. The company has a 50-day simple moving average of $32.32 and a 200-day simple moving average of $26.81, reflecting its recent trading patterns. The firm's market capitalization stands at $5.70 billion, with a PE ratio of -31.69 and a beta of 2.50, indicating a volatile stock performance.

Insider Activity at IonQ

Recent insider transactions have also influenced investor sentiment. Director William F. Scannell acquired 93,066 shares on March 12 at an average price of $21.81, totaling approximately $2,029,769.46. Following this acquisition, Scannell holds 135,047 shares of IonQ, valuing around $2,945,375.07, which marks a significant increase in ownership. In contrast, insider Peter Hume Chapman sold 2,000,000 shares on March 11 at an average price of $18.72, generating proceeds of around $37,440,000. Post-sale, Chapman retains 414,363 shares in the company, valued at about $7,756,875.36, reflecting a decline in their position. Over the past 90 days, insiders have sold a total of 2,033,166 shares valued at approximately $38,059,593, with company insiders collectively owning 11.60% of IonQ's stock.

Institutional Investor Movements

Institutional investors have also been active regarding IonQ. Charles Schwab Investment Management Inc. increased its stake by 9.2% in the third quarter, owning 1,614,034 shares worth $14,107,000 after adding 135,851 shares. Rockefeller Capital Management L.P. expanded its holdings by 34.2%, now owning 437,596 shares valued at $3,825,000. Y Intercept Hong Kong Ltd has taken a new position in IonQ during the same quarter, investing $1,631,000. State Street Corp discreetly raised its stake by 1.8% to now hold 4,260,880 shares valued at $37,240,000 after acquiring an additional 75,596 shares. Additionally, Mirae Asset Global Investments Co. Ltd. and other hedge funds own approximately 41.42% of IonQ's stock.

Overview of IonQ

IonQ, Inc. specializes in developing general-purpose quantum computing systems in the United States. The company provides access to its quantum computers, which come in various qubit capacities, through cloud platforms like Amazon Web Services (AWS), Microsoft's Azure Quantum, and Google's Cloud Marketplace.

Conclusion

In summary, despite the recent decline in share price, IonQ continues to attract interest from various analysts and institutional investors. The ongoing developments in quantum computing and insider transactions indicate a dynamic environment that could impact future stock performance.

IonQ, Investors, Analysts