IonQ (NYSE:IONQ) Trading Down 0.7% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares traded down 0.7% during trading on Monday . The stock traded as low as $24.12 and last traded at $24.83. 15,947,025 shares were traded during mid-day trading, an increase of 12% from the average session volume of 14,287,282 shares. The stock had previously closed at $25.00.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IONQ. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group raised their target price on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Finally, Benchmark reduced their price target on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Trading Down 8.9 %

The company’s 50-day moving average is $32.96 and its 200 day moving average is $26.23. The stock has a market capitalization of $5.06 billion, a PE ratio of -28.05 and a beta of 2.50.

Insider Buying and Selling at IonQ

In other news, Director William F. Scannell bought 93,066 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the acquisition, the director now directly owns 135,047 shares of the company’s stock, valued at $2,945,375.07. This trade represents a 221.69 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now owns 592,615 shares in the company, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently bought and sold shares of IONQ. Charles Schwab Investment Management Inc. raised its holdings in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after purchasing an additional 135,851 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after purchasing an additional 111,435 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of IonQ during the 3rd quarter valued at about $1,631,000. Prospera Financial Services Inc lifted its holdings in shares of IonQ by 196.1% in the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock valued at $337,000 after buying an additional 25,502 shares during the period. Finally, State Street Corp grew its holdings in IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after acquiring an additional 75,596 shares during the period. 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.