IonQ, Inc. Experiences Notable Decrease in Short Interest

IonQ, Inc. (NYSE:IONQ) has witnessed a considerable reduction in short interest throughout January. As of January 31st, the short interest stood at 23,650,000 shares, which marks a decrease of 13.1% from the 27,230,000 shares recorded on January 15th. Notably, approximately 12.6% of the company's stock is currently short sold. With an average daily trading volume of 30,920,000 shares, the short-interest ratio is now at 0.8 days.

IonQ Price Performance

During mid-day trading on Friday, IonQ's stock experienced a decline of $1.18, bringing the price to $37.47. A total of 8,150,097 shares of the company's stock exchanged hands, in contrast to the average trading volume of 27,816,476 shares. Over the past year, IonQ has reached a low of $6.22 and a high of $54.74. The company boasts a market capitalization of $8.11 billion, a price-to-earnings ratio of -46.26, and a beta of 2.40. Additionally, the stock has a 50-day moving average of $39.69 and a 200-day moving average of $23.20.

Insider Trading Activities

In recent news, the CEO of IonQ, Peter Hume Chapman, sold 13,106 shares on December 11th at an average price of $29.73, totaling approximately $389,641.38. Post-transaction, he retains 414,363 shares valued at around $12,319,011.99, marking a reduction of 3.07% in his ownership. Similarly, CFO Thomas G. Kramer sold 9,780 shares on the same day at an average price of $29.72 for a total of about $290,661.60, thereby decreasing his stake by 1.04%. Overall, insiders have sold 44,223 shares valued at $1,314,652 over the last 90 days, holding 11.60% of the company’s stock.

Institutional Inflows and Outflows

Recent activity from various hedge funds indicates a mix of buying and selling of IonQ shares. Mercer Global Advisors Inc. ADV initiated a new position in IonQ valued at approximately $474,000 during the fourth quarter. Northern Trust Corp increased its holdings by 12.6%, now owning 1,934,625 shares worth $80,809,000 after purchasing an additional 216,752 shares. The Manufacturers Life Insurance Company also raised its position by 6.7%, holding 112,531 shares valued at $4,700,000 after acquiring 7,066 shares. Public Employees Retirement Association of Colorado purchased a new stake valued at around $886,000, while Nebula Research & Development LLC invested approximately $1,128,000. Collectively, institutional investors own 41.42% of IonQ's stock.

Analyst Perspectives

A number of research analysts have weighed in on IonQ shares lately. DA Davidson started coverage with a "buy" rating and a price target of $50.00 on December 19th. Craig Hallum adjusted their price target from $22.00 to $45.00 while maintaining a "buy" rating on December 20th. Needham & Company LLC recently raised their price target from $13.00 to $18.00, also recommending a "buy". Additionally, Goldman Sachs lifted their price target from $16.00 to $30.00, assigning a "neutral" rating. Benchmark raised their target from $12.00 to $22.00, also giving a "buy" rating. Currently, one analyst rates IonQ as a hold while four have given it a buy rating. According to MarketBeat.com, IonQ holds an average rating of "Moderate Buy" with a consensus target price of $33.00.

About IonQ, Inc.

IonQ, Inc. is engaged in the development of general-purpose quantum computing systems in the United States. The company offers access to quantum computers with various qubit capacities through cloud platforms including Amazon Web Services (AWS), Microsoft's Azure Quantum, and Google's Cloud Marketplace, as well as through its own cloud services.

IonQ, ShortInterest, Stocks