IonQ (NYSE:IONQ) Stock Price Up 5.1% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price shot up 5.1% on Friday . The stock traded as high as $25.87 and last traded at $25.81. 10,111,365 shares were traded during mid-day trading, a decline of 36% from the average session volume of 15,798,218 shares. The stock had previously closed at $24.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and issued a $45.00 price target on shares of IonQ in a research note on Monday, March 31st. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group boosted their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Finally, DA Davidson reduced their target price on shares of IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $41.80.

IonQ Price Performance

The stock’s 50 day moving average price is $25.76 and its two-hundred day moving average price is $28.79. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of -31.87 and a beta of 2.50.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the sale, the executive now directly owns 592,615 shares of the company’s stock, valued at $12,563,438. This represents a 0.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the transaction, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC bought a new stake in shares of IonQ in the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC lifted its position in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares during the period. Measured Risk Portfolios Inc. acquired a new stake in IonQ during the fourth quarter worth $27,000. TD Waterhouse Canada Inc. bought a new stake in IonQ in the 4th quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC raised its stake in shares of IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. 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.