IonQ (NYSE:IONQ) Sees Unusually-High Trading Volume After Insider Buying Activity

Shares of IonQ, Inc. (NYSE:IONQ) saw unusually-strong trading volume on Thursday after an insider bought additional shares in the company. Approximately 13,734,557 shares changed hands during mid-day 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 acquired 93,066 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of analysts have commented on IONQ shares. The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Craig Hallum raised their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark cut their price target 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 restated a “buy” rating and set a $54.00 price target on shares of IonQ in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $44.80.

IonQ Stock Performance

The stock has a market cap of $5.61 billion, a PE ratio of -31.06 and a beta of 2.50. The stock’s 50-day moving average is $34.02 and its two-hundred day moving average is $25.73.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently made changes to their positions in IONQ. Pathway Financial Advisers LLC purchased a new position in shares of IonQ during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its position in shares of IonQ by 421.0% during the 4th 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. purchased a new position in IonQ in the 4th quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new position in IonQ in the 4th quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new position in IonQ in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.