IonQ (NYSE:IONQ) Shares Down 3% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) traded down 3% during mid-day trading on Monday . The stock traded as low as $37.04 and last traded at $37.47. 8,150,097 shares were traded during trading, a decline of 71% from the average session volume of 27,816,476 shares. The stock had previously closed at $38.65.

Wall Street Analyst Weigh In

IONQ has been the topic of several research reports. The Goldman Sachs Group upped their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. DA Davidson assumed coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Benchmark lifted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC increased their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum raised their price objective 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Trading Down 3.0 %

The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -46.26 and a beta of 2.40. The firm’s 50 day moving average is $39.69 and its two-hundred day moving average is $23.31.

Insider Buying and Selling at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % 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, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,223 shares of company stock worth $1,314,652 in the last 90 days. 11.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IONQ. JPMorgan Chase & Co. raised its position in shares of IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Chevy Chase Trust Holdings LLC acquired a new stake in shares of IonQ in the 4th quarter valued at about $32,060,000. Ameriprise Financial Inc. bought a new position in shares of IonQ during the fourth quarter worth about $29,519,000. Arrowstreet Capital Limited Partnership bought a new stake in IonQ in the fourth quarter valued at about $29,513,000. Finally, Invesco Ltd. lifted its holdings in IonQ by 439.3% during the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock worth $35,800,000 after buying an additional 698,146 shares during the last quarter. 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.