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

IonQ, Inc. (NYSE:IONQ) experienced a minor drop of 1% in its share price during mid-day trading on Wednesday. The stock reached a low of $25.02 and was last seen at $25.29. During this trading session, a total of 18,077,314 shares changed hands, marking a 22% increase from the average daily volume of 14,767,807 shares. The previous close for the stock was $25.55.

Analyst Opinions on IonQ

Several analysts have provided their insights regarding IonQ's stock performance. Benchmark recently lowered its price target for IonQ shares from $50.00 to $45.00 while maintaining a "buy" rating in a report published on February 27th. Conversely, Goldman Sachs raised its price target from $16.00 to $30.00 and assigned a "neutral" rating in a research note dated January 10th. Needham & Company reiterated a "buy" rating, setting a target price of $54.00 in another report dated February 27th. Additionally, DA Davidson upgraded IonQ to a "strong-buy" rating in a report released on February 20th. Craig Hallum also increased its price target from $22.00 to $45.00, affirming a "buy" rating on December 20th. Currently, one analyst ranks the stock as a hold, three give it a buy rating, and one has issued a strong buy rating. According to MarketBeat.com, the consensus rating for IonQ is "Buy" with an average price target of $44.80.

IonQ's Current Trading Status

Despite the recent drop, IonQ shares showed a slight uptick of 0.1%. The stock is currently trading with a 50-day simple moving average of $32.32 and a 200-day simple moving average of $26.81. IonQ has a market capitalization of $5.70 billion, a PE ratio of -31.69, and a beta of 2.50.

Insider Activities at IonQ

In insider news, Director William F. Scannell acquired 93,066 shares of IonQ on March 12th at an average price of $21.81 per share, totaling approximately $2,029,769.46. After this transaction, Scannell owns 135,047 shares valued at about $2,945,375.07, reflecting a 221.69% increase in his stock ownership. This transaction was reported to the SEC. On the other hand, insider Peter Hume Chapman sold 2,000,000 shares at an average price of $18.72 on March 11th, for a total of $37,440,000.00, resulting in an 82.84% decrease in his holdings. Insiders have sold a total of 2,033,166 shares worth approximately $38,059,593 in the past 90 days, and insiders collectively hold 11.60% of the company's stock.

Institutional Investments in IonQ

Recent changes in institutional holdings of IonQ show that Charles Schwab Investment Management increased its position by 9.2% in the third quarter, now owning 1,614,034 shares worth $14,107,000 after acquiring an additional 135,851 shares. Rockefeller Capital Management also raised its holdings by 34.2% during the same period, owning 437,596 shares valued at $3,825,000 following a purchase of 111,435 shares. Y Intercept Hong Kong Ltd bought a new stake valued at $1,631,000, while State Street Corp boosted its investment by 1.8%, owning 4,260,880 shares worth $37,240,000 after buying an additional 75,596 shares. Furthermore, Mirae Asset Global Investments Co. Ltd. initiated a new position during the fourth quarter valued at $3,840,000. Currently, institutional investors and hedge funds own around 41.42% of IonQ's stock.

About IonQ

IonQ, Inc. focuses on developing general-purpose quantum computing systems in the United States. The company provides access to quantum computers with varying qubit capacities through cloud platforms such as Amazon Web Services (AWS), Microsoft Azure Quantum, and Google's Cloud Marketplace, in addition to its proprietary cloud service.

Investment Considerations

Before making any investment decisions regarding IonQ, it's important for potential investors to consider recent market insights. While IonQ holds a "Buy" rating among various analysts, some of the top-rated analysts have identified other stocks that they believe present better investment opportunities. Interested investors may wish to explore those options further.

IonQ, Stocks, Trading