IonQ (NYSE:IONQ) Trading Down 2.1% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) traded down 2.1% on Tuesday . The company traded as low as $25.13 and last traded at $25.57. 6,594,647 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 14,730,073 shares. The stock had previously closed at $26.12.

Wall Street Analysts Forecast Growth

IONQ has been the topic of a number of recent analyst reports. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. The Goldman Sachs Group upped 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. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Finally, Benchmark reduced their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, IonQ currently has a consensus rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Down 2.6 %

The stock’s fifty day simple moving average is $32.40 and its 200 day simple moving average is $26.68. The firm has a market capitalization of $5.67 billion, a PE ratio of -31.45 and a beta of 2.50.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were 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 approximately $17,539,550.70. This trade represents a 1.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 20,047 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $372,272.79. Following the sale, the executive now directly owns 572,568 shares of the company’s stock, valued at approximately $10,632,587.76. The trade was a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC purchased a new position in IonQ in the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC boosted its holdings 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 buying an additional 501 shares during the period. Measured Risk Portfolios Inc. acquired a new position in IonQ in the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. bought a new position in IonQ in the 4th quarter worth $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ during the fourth quarter valued at about $34,000. Institutional investors and hedge funds 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.