IonQ (NYSE:IONQ) Stock Price Down 4.1% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) shares dropped 4.1% on Thursday . The stock traded as low as $20.61 and last traded at $21.71. Approximately 7,109,359 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 13,870,003 shares. The stock had previously closed at $22.63.

Analyst Upgrades and Downgrades

IONQ has been the topic of several analyst reports. Craig Hallum increased their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. The Goldman Sachs Group upped 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 cut their price target on 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 issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, IonQ currently has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Stock Down 8.5 %

The company has a market capitalization of $4.48 billion, a P/E ratio of -25.58 and a beta of 2.40. The stock has a fifty day simple moving average of $37.35 and a 200-day simple moving average of $25.20.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in IONQ. Integrated Advisors Network LLC bought a new position in IonQ during the 4th quarter worth approximately $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of IonQ by 29.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock worth $15,146,000 after buying an additional 82,499 shares during the period. Voloridge Investment Management LLC bought a new position in shares of IonQ during the fourth quarter worth approximately $7,081,000. Virtus Fund Advisers LLC bought a new position in shares of IonQ during the fourth quarter worth approximately $42,000. Finally, Virtus Investment Advisers Inc. acquired a new stake in IonQ during the fourth quarter worth about $209,000. Institutional investors own 41.42% of the company’s stock.

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.