IonQ (NYSE:IONQ) Sees Strong Trading Volume After Insider Buying Activity

Shares of IonQ, Inc. (NYSE:IONQ) saw strong trading volume on Thursday after an insider bought additional shares in the company. 13,734,557 shares were traded during trading, a decline of 2% from the previous session’s volume of 14,033,217 shares.The stock last traded at $21.44 and had previously closed at $21.82.

Specifically, Director William F. Scannell bought 93,066 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the purchase, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Craig Hallum upped their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group increased their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Benchmark decreased their price objective on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Price Performance

The business’s 50 day moving average price is $34.47 and its 200 day moving average price is $25.61. The stock has a market capitalization of $4.74 billion, a P/E ratio of -26.26 and a beta of 2.50.

Institutional Investors Weigh In On IonQ

Hedge funds have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC purchased a new position in shares of IonQ in the 4th quarter worth $26,000. Smartleaf Asset Management LLC boosted 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 last quarter. Measured Risk Portfolios Inc. bought a new stake in shares of IonQ during the 4th quarter valued at about $27,000. TD Waterhouse Canada Inc. purchased a new stake in shares of IonQ during the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC bought a new position in shares of IonQ in the 4th quarter worth approximately $34,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.