IonQ (NYSE:IONQ) Sees Large Volume Increase

IonQ, Inc. (NYSE:IONQ) saw strong trading volume on Wednesday . 3,196,206 shares traded hands during trading, a decline of 60% from the previous session’s volume of 8,091,471 shares.The stock last traded at $19.80 and had previously closed at $18.97.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IONQ. Needham & Company LLC lifted their target price on IonQ from $11.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, August 11th. Westpark Capital lowered shares of IonQ from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. The Goldman Sachs Group increased their target price on shares of IonQ from $9.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, August 14th. Craig Hallum lifted their price target on shares of IonQ from $12.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Finally, Morgan Stanley boosted their target price on IonQ from $7.00 to $16.00 and gave the company an “equal weight” rating in a research report on Monday, August 14th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, IonQ currently has a consensus rating of “Moderate Buy” and an average price target of $17.80.

IonQ Stock Performance

The company has a market cap of $3.89 billion, a P/E ratio of -33.28 and a beta of 2.08. The business’s fifty day moving average is $15.34 and its two-hundred day moving average is $9.96.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP bought a new position in IonQ during the 2nd quarter worth about $28,000. Commonwealth Equity Services LLC purchased a new position in IonQ during the fourth quarter valued at approximately $34,000. Huntington National Bank raised its stake in IonQ by 250,000.0% in the second quarter. Huntington National Bank now owns 2,501 shares of the company’s stock worth $34,000 after buying an additional 2,500 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in IonQ during the fourth quarter worth $37,000. Finally, C M Bidwell & Associates Ltd. bought a new stake in IonQ during the 2nd quarter valued at $38,000. Institutional investors own 38.88% 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.