IonQ (NYSE:IONQ) Shares Down 6.8% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares traded down 6.8% during trading on Thursday . The company traded as low as $29.71 and last traded at $29.7750. 17,537,899 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 21,226,365 shares. The stock had previously closed at $31.96.

Wall Street Analyst Weigh In

Several research analysts have weighed in on IONQ shares. Morgan Stanley set a $37.00 target price on IonQ in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a research report on Thursday, January 22nd. DA Davidson cut their price objective on IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Wall Street Zen raised shares of IonQ from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Finally, JPMorgan Chase & Co. reduced their price target on IonQ from $47.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and an average target price of $69.45.

IonQ Stock Down 6.8%

The stock’s fifty day moving average is $37.35 and its two-hundred day moving average is $49.53. The firm has a market capitalization of $10.92 billion, a price-to-earnings ratio of -11.96 and a beta of 2.61.

Insider Activity at IonQ

In other IonQ news, insider Robert T. Cardillo sold 5,165 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the transaction, the insider owned 112,291 shares of the company’s stock, valued at $4,428,757.04. The trade was a 4.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares in the company, valued at $2,799,326.42. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 8,581 shares of company stock worth $316,156. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Stone House Investment Management LLC boosted its position in IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after purchasing an additional 350 shares during the period. Ameriflex Group Inc. raised its position in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after purchasing an additional 340 shares during the period. Hilltop National Bank lifted its stake in shares of IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after buying an additional 225 shares during the last quarter. Accent Capital Management LLC lifted its stake in shares of IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after buying an additional 371 shares during the last quarter. Finally, Fortitude Family Office LLC boosted its holdings in shares of IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after buying an additional 608 shares during the period. 41.42% of the stock is owned by institutional investors and hedge funds.

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. 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.