IonQ (NYSE:IONQ) Shares Down 3% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares fell 3% during mid-day trading on Thursday . The company traded as low as $34.31 and last traded at $36.02. 21,020,146 shares changed hands during trading, a decline of 5% from the average session volume of 22,064,209 shares. The stock had previously closed at $37.13.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IONQ. Needham & Company LLC dropped their price objective on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Morgan Stanley set a $37.00 price target on shares of IonQ in a report on Thursday, February 26th. Benchmark cut their price target on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Mizuho assumed coverage on IonQ in a report on Thursday, December 11th. They issued an “outperform” rating and a $90.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a research note on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, IonQ currently has a consensus rating of “Moderate Buy” and an average price target of $69.45.

IonQ Stock Down 3.0%

The business’s 50-day simple moving average is $41.74 and its two-hundred day simple moving average is $50.26. The firm has a market cap of $12.51 billion, a price-to-earnings ratio of -14.47 and a beta of 2.61.

Insider Buying and Selling

In other IonQ news, Director Kathryn K. Chou sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $51.40, for a total value of $1,028,000.00. Following the sale, the director directly owned 60,839 shares of the company’s stock, valued at approximately $3,127,124.60. This trade represents a 24.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert T. Cardillo sold 5,165 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total value of $203,707.60. Following the completion of the sale, the insider owned 112,291 shares of the company’s stock, valued at $4,428,757.04. This trade represents a 4.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 30,781 shares of company stock valued at $1,525,804. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Archer Investment Corp increased its stake in shares of IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock worth $25,000 after purchasing an additional 322 shares in the last quarter. Stone House Investment Management LLC boosted its holdings in IonQ by 700.0% in the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after buying an additional 350 shares during the last quarter. Ameriflex Group Inc. increased its stake in IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares in the last quarter. Hilltop National Bank raised its holdings in shares of IonQ by 112.5% during the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after acquiring an additional 225 shares during the last quarter. Finally, Accent Capital Management LLC raised its holdings in shares of IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. 41.42% of the stock is 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.