IonQ (NYSE:IONQ) Stock Price Down 9.1% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares dropped 9.1% during trading on Thursday . The company traded as low as $22.53 and last traded at $22.76. Approximately 9,154,070 shares were traded during trading, a decline of 40% from the average daily volume of 15,156,564 shares. The stock had previously closed at $25.05.

Wall Street Analyst Weigh In

IONQ has been the subject of several analyst reports. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. Craig Hallum lifted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group raised their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Finally, Benchmark reiterated a “buy” rating and set a $45.00 target price on shares of IonQ in a research report on Monday. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, IonQ presently has a consensus rating of “Buy” and a consensus price target of $44.80.

IonQ Stock Down 7.2 %

The stock has a fifty day moving average of $30.23 and a two-hundred day moving average of $27.37. The stock has a market cap of $5.18 billion, a price-to-earnings ratio of -28.71 and a beta of 2.50.

Insider Activity

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the transaction, the executive now owns 592,615 shares in the company, valued at approximately $12,563,438. This represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,033,166 shares of company stock valued at $38,059,593 in the last three months. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC purchased a new position in IonQ in the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC raised its holdings in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after acquiring an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. bought a new stake in shares of IonQ in the 4th quarter worth about $27,000. TD Waterhouse Canada Inc. acquired a new position in IonQ in the fourth quarter worth about $33,000. Finally, Golden State Wealth Management LLC bought a new position in IonQ during the 4th quarter worth approximately $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.