IonQ (NYSE:IONQ) Shares Down 3.4% – Should You Sell?

Shares of IonQ, Inc. (NYSE:IONQ) fell 3.4% during mid-day trading on Monday . The company traded as low as $25.89 and last traded at $26.5810. 18,539,328 shares traded hands during trading, a decline of 12% from the average session volume of 21,110,869 shares. The stock had previously closed at $27.51.

Wall Street Analysts Forecast Growth

IONQ has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, February 26th. Needham & Company LLC lowered their price objective on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Finally, Benchmark cut their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Nine 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. According to MarketBeat, IonQ has an average rating of “Moderate Buy” and a consensus target price of $69.45.

IonQ Stock Performance

The company has a market cap of $9.75 billion, a P/E ratio of -10.68 and a beta of 2.61. The firm’s fifty day moving average is $36.52 and its two-hundred day moving average is $49.37.

Insider Activity

In related news, insider Robert T. Cardillo sold 5,165 shares of IonQ 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 sale, the insider owned 112,291 shares of the company’s stock, valued at approximately $4,428,757.04. This trade represents a 4.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John W. Raymond sold 2,800 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares in the company, valued at approximately $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,581 shares of company stock worth $316,156 over the last ninety days. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of IonQ by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after acquiring an additional 5,420,037 shares during the last quarter. State Street Corp increased its holdings in IonQ by 42.3% in the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after acquiring an additional 2,663,230 shares during the last quarter. Geode Capital Management LLC lifted its stake in IonQ by 21.9% in the 4th quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock worth $361,624,000 after purchasing an additional 1,452,463 shares in the last quarter. Norges Bank purchased a new stake in IonQ in the 4th quarter worth $199,753,000. Finally, Marex Group plc boosted its holdings in shares of IonQ by 419.1% during the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after purchasing an additional 3,296,866 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. 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.