IonQ (NYSE:IONQ) Trading Down 1% – Should You Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price was down 1% on Wednesday . The company traded as low as $25.02 and last traded at $25.29. Approximately 18,077,314 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 14,767,807 shares. The stock had previously closed at $25.55.

Wall Street Analyst Weigh In

IONQ has been the topic of several research reports. Benchmark reduced their price target on shares of 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 upgraded shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Craig Hallum boosted their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, The Goldman Sachs Group increased 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 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 company’s stock. According to MarketBeat, IonQ currently has an average rating of “Buy” and an average target price of $44.80.

IonQ Stock Performance

The firm’s 50-day moving average price is $31.67 and its 200 day moving average price is $26.78. The company has a market cap of $5.11 billion, a price-to-earnings ratio of -28.30 and a beta of 2.50.

Insiders Place Their Bets

In related news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares of the company’s stock, valued at $17,539,550.70. The trade was a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William F. Scannell bought 93,066 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the purchase, the director now directly owns 135,047 shares of the company’s stock, valued at approximately $2,945,375.07. This trade represents a 221.69 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IONQ. Pathway Financial Advisers LLC acquired a new stake in IonQ in the fourth quarter worth $26,000. Smartleaf Asset Management LLC increased its position in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after buying an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new stake in IonQ during the 4th quarter worth $27,000. TD Waterhouse Canada Inc. bought a new position in IonQ during the fourth quarter worth about $33,000. Finally, Golden State Wealth Management LLC acquired a new position in IonQ in the fourth quarter valued at about $34,000. Institutional investors 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.