IonQ (NYSE:IONQ) Shares Down 2.1% – Should You Sell?

Shares of IonQ, Inc. (NYSE:IONQ) fell 2.1% during trading on Tuesday . The stock traded as low as $25.13 and last traded at $25.57. 6,594,647 shares were traded during mid-day trading, a decline of 55% from the average session volume of 14,730,073 shares. The stock had previously closed at $26.12.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of recent analyst reports. DA Davidson raised shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. The Goldman Sachs Group upped 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. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Craig Hallum increased 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. Finally, Benchmark reduced their price objective 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 analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $44.80.

IonQ Price Performance

The company has a market cap of $5.35 billion, a price-to-earnings ratio of -29.70 and a beta of 2.50. The business’s fifty day moving average price is $32.03 and its 200 day moving average price is $26.80.

Insider Buying and Selling at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the transaction, the chief financial officer now owns 944,510 shares in the company, valued at approximately $17,539,550.70. This trade represents a 1.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William F. Scannell acquired 93,066 shares of IonQ stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the purchase, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently bought and sold shares of IONQ. Charles Schwab Investment Management Inc. raised its position in shares of IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after acquiring an additional 135,851 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in IonQ by 34.2% in the third 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 in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in IonQ in the third quarter valued at approximately $1,631,000. State Street Corp boosted its holdings in shares of IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after buying an additional 75,596 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of IonQ in the 4th quarter valued at $3,840,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.