IonQ (NYSE:IONQ) Shares Down 1% – Should You Sell?

Shares of IonQ, Inc. (NYSE:IONQ) fell 1% during trading on Monday . The company traded as low as $21.50 and last traded at $22.62. 6,672,799 shares traded hands during trading, a decline of 55% from the average session volume of 14,990,899 shares. The stock had previously closed at $22.85.

Wall Street Analyst Weigh In

A number of analysts have weighed in on IONQ shares. Craig Hallum raised their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. Benchmark restated a “buy” rating and set a $45.00 price target on shares of IonQ in a research note on Monday. Finally, The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. One investment 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $44.80.

IonQ Stock Down 1.3 %

The stock has a fifty day moving average of $31.35 and a two-hundred day moving average of $27.17. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of -27.74 and a beta of 2.50.

Insider Transactions at IonQ

In related news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. This trade represents a 82.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William F. Scannell bought 93,066 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the purchase, the director now directly owns 135,047 shares in the company, valued at $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 in the last ninety days. 11.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the company. Pathway Financial Advisers LLC acquired a new stake in IonQ during the fourth quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its holdings in shares of IonQ by 421.0% during 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. purchased a new stake in shares of IonQ in the fourth quarter valued at $27,000. TD Waterhouse Canada Inc. acquired a new position in IonQ in the fourth quarter valued at $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in IonQ in the 4th quarter worth about $34,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.