IonQ (NYSE:IONQ) Trading Down 8.7% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) dropped 8.7% during mid-day trading on Monday . The stock traded as low as $18.38 and last traded at $18.77. Approximately 6,265,627 shares traded hands during trading, a decline of 55% from the average daily volume of 13,892,691 shares. The stock had previously closed at $20.55.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Craig Hallum increased their target price 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. The Goldman Sachs Group boosted their price target 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. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. Finally, Benchmark dropped their target price on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Trading Down 11.1 %

The company has a market cap of $3.95 billion, a price-to-earnings ratio of -22.55 and a beta of 2.50. The stock’s 50-day moving average is $36.29 and its 200-day moving average is $25.51.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,223 shares of company stock valued at $1,314,652 in the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently added to or reduced their stakes in IONQ. Integrated Advisors Network LLC purchased a new position in shares of IonQ during the fourth quarter valued at approximately $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 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 valued at $15,146,000 after acquiring an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in IonQ during the 4th quarter worth $7,081,000. Virtus Fund Advisers LLC bought a new stake in shares of IonQ in the 4th quarter worth $42,000. Finally, Virtus Investment Advisers Inc. bought a new position in shares of IonQ during the fourth quarter valued at about $209,000. Institutional investors and hedge funds 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.