IonQ (NYSE:IONQ) Stock Price Down 0.7% – Should You Sell?

IonQ, Inc. (NYSE:IONQ)’s share price dropped 0.7% during trading on Monday . The company traded as low as $24.12 and last traded at $24.83. Approximately 15,947,025 shares changed hands during trading, an increase of 12% from the average daily volume of 14,287,282 shares. The stock had previously closed at $25.00.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of recent analyst reports. DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note 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 note on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. Finally, Benchmark reduced their price target on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, IonQ presently has an average rating of “Buy” and an average price target of $44.80.

IonQ Stock Down 0.9 %

The firm’s 50-day moving average price is $34.02 and its 200-day moving average price is $26.00. The company has a market cap of $5.52 billion, a P/E ratio of -30.59 and a beta of 2.50.

Insider Activity

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the transaction, the insider now owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the sale, the executive now directly owns 592,615 shares of the company’s stock, valued at $12,563,438. This represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock worth $38,059,593 over the last ninety days. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in IONQ. JPMorgan Chase & Co. grew its position in IonQ by 1,310.9% during 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 during the last quarter. Chevy Chase Trust Holdings LLC purchased a new stake in shares of IonQ in the 4th quarter valued at $32,060,000. Ameriprise Financial Inc. bought a new stake in IonQ in the fourth quarter worth $29,519,000. Arrowstreet Capital Limited Partnership purchased a new stake in IonQ during the fourth quarter valued at about $29,513,000. Finally, Invesco Ltd. grew its stake in shares of IonQ by 439.3% during the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock valued at $35,800,000 after buying an additional 698,146 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

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.