IonQ (NYSE:IONQ) Stock Price Down 1% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) shares traded down 1% during mid-day trading on Monday . The stock traded as low as $21.50 and last traded at $22.62. 6,672,799 shares were traded during mid-day trading, a decline of 55% from the average session volume of 14,990,899 shares. The stock had previously closed at $22.85.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IONQ. Benchmark reissued a “buy” rating and set a $45.00 target price on shares of IonQ in a research note on Monday. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. Craig Hallum boosted 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 increased their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday, February 20th. One equities 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 data from MarketBeat.com, IonQ currently has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Price Performance

The company has a market cap of $5.18 billion, a PE ratio of -28.68 and a beta of 2.50. The stock has a fifty day moving average price of $30.57 and a 200-day moving average price of $27.38.

Insider Buying and Selling at IonQ

In related news, Director William F. Scannell bought 93,066 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, with a total value 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 represents a 221.69 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of the company’s 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 transaction, the chief financial officer now directly owns 944,510 shares in the company, valued at $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 in the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Institutional investors have recently made changes to their positions in the company. Pathway Financial Advisers LLC bought a new position in IonQ during the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC increased its stake in shares of IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. bought a new position in shares of IonQ during the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. acquired a new stake in shares of IonQ in the 4th quarter valued at $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ in the fourth quarter worth $34,000. 41.42% of the stock is currently 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.