IonQ (NYSE:IONQ) Stock Price Down 1.7% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) shares were down 1.7% during mid-day trading on Thursday . The company traded as low as $32.84 and last traded at $33.56. Approximately 6,755,606 shares were traded during trading, a decline of 76% from the average daily volume of 27,658,617 shares. The stock had previously closed at $34.14.

Analyst Upgrades and Downgrades

IONQ has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research note on Thursday. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, IonQ presently has an average rating of “Buy” and a consensus target price of $33.00.

IonQ Stock Performance

The business’s 50-day moving average is $39.89 and its 200 day moving average is $24.03. The company has a market cap of $6.87 billion, a PE ratio of -39.18 and a beta of 2.40.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders 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 large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in IonQ by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock worth $892,797,000 after buying an additional 125,144 shares during the period. Geode Capital Management LLC raised its holdings in shares of IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock valued at $186,593,000 after acquiring an additional 45,942 shares in the last quarter. State Street Corp lifted its stake in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after acquiring an additional 75,596 shares during the period. JPMorgan Chase & Co. boosted its holdings in IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after acquiring an additional 2,293,231 shares in the last quarter. Finally, Northern Trust Corp increased its position in IonQ by 12.6% during the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock valued at $80,809,000 after purchasing an additional 216,752 shares during the period. 41.42% of the stock is owned by institutional investors.

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.