IonQ (NYSE:IONQ) Trading 5.5% Higher – What’s Next?

IonQ, Inc. (NYSE:IONQ) was up 5.5% on Thursday . The stock traded as high as $29.49 and last traded at $29.3280. Approximately 15,412,930 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 21,068,873 shares. The stock had previously closed at $27.79.

Analyst Upgrades and Downgrades

IONQ has been the topic of a number of analyst reports. Needham & Company LLC lowered their target price on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, February 26th. Wall Street Zen raised shares of IonQ from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Finally, Mizuho started coverage on shares of IonQ in a report on Thursday, December 11th. They set an “outperform” rating and a $90.00 price objective for the company. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and an average price target of $69.45.

IonQ Price Performance

The company has a market cap of $10.75 billion, a P/E ratio of -11.78 and a beta of 2.80. The company has a fifty day simple moving average of $34.43 and a 200-day simple moving average of $48.55.

Insider Buying and Selling

In other news, insider Robert T. Cardillo sold 5,165 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the transaction, the insider owned 112,291 shares in the company, valued at approximately $4,428,757.04. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John W. Raymond sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 8,581 shares of company stock valued at $316,156. Company insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IONQ. Purpose Unlimited Inc. acquired a new position in shares of IonQ during the 4th quarter worth about $784,000. Rockefeller Capital Management L.P. grew its stake in shares of IonQ by 257.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 511,178 shares of the company’s stock valued at $22,937,000 after purchasing an additional 368,045 shares during the period. Fund Advisors of America Inc FL acquired a new position in IonQ during the fourth quarter worth $463,000. Spear Advisors LLC bought a new position in IonQ during the 4th quarter valued at about $1,853,000. Finally, Corient Private Wealth LLC boosted its holdings in shares of IonQ by 29.5% in the 4th quarter. Corient Private Wealth LLC now owns 61,437 shares of the company’s stock worth $2,757,000 after acquiring an additional 13,996 shares in the last quarter. Institutional investors and hedge funds 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. 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.