IonQ (NYSE:IONQ) Stock Price Down 11.4% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) dropped 11.4% on Friday . The company traded as low as $19.37 and last traded at $20.59. Approximately 11,750,878 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 15,234,027 shares. The stock had previously closed at $23.25.

Analysts Set New Price Targets

Several brokerages recently issued reports on IONQ. The Goldman Sachs Group lifted their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. Benchmark restated a “buy” rating and set a $45.00 price target on shares of IonQ in a research note on Monday, March 31st. Finally, Craig Hallum upped their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. One research 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’s stock. Based on data from MarketBeat, IonQ presently has an average rating of “Buy” and a consensus price target of $44.80.

IonQ Stock Down 11.4 %

The company has a 50-day moving average price of $29.47 and a two-hundred day moving average price of $27.56. The stock has a market capitalization of $4.59 billion, a P/E ratio of -25.44 and a beta of 2.50.

Insider Buying and Selling

In other news, CFO Thomas G. Kramer sold 11,712 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 $217,491.84. Following the sale, the chief financial officer now 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 filing with the SEC, which can be accessed through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares of the company’s stock, valued at $7,756,875.36. The trade was a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IONQ. Charles Schwab Investment Management Inc. increased its stake in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after purchasing an additional 135,851 shares during the period. FMR LLC increased its stake in shares of IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after buying an additional 41,125 shares during the period. Verition Fund Management LLC bought a new stake in IonQ during the 3rd quarter valued at $479,000. Holocene Advisors LP raised its holdings in IonQ by 50.7% during the 3rd quarter. Holocene Advisors LP now owns 185,346 shares of the company’s stock valued at $1,620,000 after buying an additional 62,362 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in IonQ by 29.3% during the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock valued at $166,000 after buying an additional 4,288 shares during the period. Hedge funds and other 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.