IonQ (NYSE:IONQ) Trading Down 2.5% – Should You Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 2.5% during trading on Tuesday . The company traded as low as $40.03 and last traded at $40.05. Approximately 6,378,669 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 30,412,918 shares. The stock had previously closed at $41.07.

Wall Street Analyst Weigh In

Several analysts have issued reports on IONQ shares. Craig Hallum upped their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Benchmark raised their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC raised their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group raised their price objective on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $33.00.

IonQ Trading Down 5.0 %

The stock has a 50 day simple moving average of $39.46 and a 200-day simple moving average of $22.46. The firm has a market capitalization of $8.44 billion, a P/E ratio of -48.20 and a beta of 2.40.

Insider Activity at IonQ

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

Institutional Investors Weigh In On IonQ

Several institutional investors have recently bought and sold shares of IONQ. Chevy Chase Trust Holdings LLC acquired a new stake in IonQ in the fourth quarter valued at approximately $32,060,000. Carnegie Investment Counsel acquired a new stake in shares of IonQ during the third quarter worth $5,036,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of IonQ during the fourth quarter worth $19,242,000. Capital Advisors Inc. OK acquired a new stake in shares of IonQ during the fourth quarter worth $18,976,000. Finally, UNICOM Systems Inc. acquired a new stake in shares of IonQ during the fourth quarter worth $18,106,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.