IonQ (NYSE:IONQ) Stock Price Down 8.7% Following Insider Selling

IonQ, Inc. (NYSE:IONQ) shares traded down 8.7% on Monday after an insider sold shares in the company. The company traded as low as $18.38 and last traded at $18.77. 6,265,627 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 13,892,691 shares. The stock had previously closed at $20.55.

Specifically, CRO Rima Alameddine sold 1,407 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the sale, the executive now directly owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research analyst reports. Craig Hallum lifted their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Benchmark reduced their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, The Goldman Sachs Group upped their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Up 2.2 %

The stock has a market capitalization of $4.16 billion, a P/E ratio of -23.06 and a beta of 2.50. The stock’s 50 day moving average price is $35.31 and its 200-day moving average price is $25.67.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of IONQ. LMR Partners LLP bought a new position in shares of IonQ in the 3rd quarter worth $874,000. Prospera Financial Services Inc grew its stake in IonQ by 196.1% in the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock valued at $337,000 after purchasing an additional 25,502 shares during the last quarter. Moors & Cabot Inc. bought a new position in IonQ in the third quarter worth about $92,000. Intech Investment Management LLC purchased a new stake in shares of IonQ during the third quarter valued at about $381,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Hedge funds and other 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.