IonQ (NYSE:IONQ) Trading Down 7.8% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s share price fell 7.8% during mid-day trading on Tuesday . The company traded as low as $34.07 and last traded at $34.55. 9,629,879 shares were traded during trading, a decline of 66% from the average session volume of 28,225,967 shares. The stock had previously closed at $37.46.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on IONQ shares. DA Davidson initiated coverage on shares of IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective for the company. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum lifted 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. The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Trading Down 9.7 %

The firm has a 50 day moving average of $39.76 and a two-hundred day moving average of $23.52. The stock has a market capitalization of $7.32 billion, a PE ratio of -41.76 and a beta of 2.40.

Insider Buying and Selling at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of the 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 $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,223 shares of company stock valued at $1,314,652. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in IONQ. Pathway Financial Advisers LLC purchased a new stake in IonQ during the 4th quarter worth about $26,000. Smartleaf Asset Management LLC boosted its holdings in shares of IonQ by 421.0% during the fourth 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. purchased a new stake in shares of IonQ in the fourth quarter valued at $27,000. TD Waterhouse Canada Inc. acquired a new position in IonQ in the fourth quarter valued at $33,000. Finally, Golden State Wealth Management LLC acquired a new position in IonQ in the fourth quarter valued at $34,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.