IonQ (NYSE:IONQ) Stock Price Down 4.1% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) dropped 4.1% on Thursday . The company traded as low as $20.61 and last traded at $21.71. Approximately 7,109,359 shares were traded during trading, a decline of 49% from the average daily volume of 13,870,003 shares. The stock had previously closed at $22.63.

Analyst Upgrades and Downgrades

IONQ has been the topic of a number of research analyst reports. Benchmark cut their target price on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock 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 company a “neutral” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $44.80.

IonQ Stock Performance

The company has a market cap of $4.48 billion, a PE ratio of -25.58 and a beta of 2.40. The firm has a fifty day simple moving average of $37.35 and a 200 day simple moving average of $25.20.

Insider Activity

In other news, CFO Thomas G. Kramer sold 9,780 shares of the 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 transaction, the chief financial officer now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,223 shares of company stock valued at $1,314,652. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Integrated Advisors Network LLC acquired 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 grew its position 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 worth $15,146,000 after purchasing an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in IonQ during the fourth quarter valued at $7,081,000. Virtus Fund Advisers LLC purchased a new stake in shares of IonQ in the fourth quarter worth approximately $42,000. Finally, Virtus Investment Advisers Inc. acquired a new stake in shares of IonQ during the 4th quarter valued at $209,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.