IonQ (NYSE:IONQ) Stock Price Down 2.5% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) was down 2.5% on Tuesday . The stock traded as low as $40.03 and last traded at $40.05. Approximately 6,378,669 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 30,412,918 shares. The stock had previously closed at $41.07.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IONQ. Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. DA Davidson began coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target on the stock. Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Price Performance

The business’s 50-day simple moving average is $39.46 and its two-hundred day simple moving average is $22.46. The stock has a market cap of $8.44 billion, a price-to-earnings ratio of -48.20 and a beta of 2.40.

Insider Activity

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value 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. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,223 shares of company stock valued at $1,314,652. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its stake in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after acquiring an additional 135,851 shares during the last quarter. Carnegie Investment Counsel bought a new position in IonQ in the 3rd quarter worth about $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in IonQ in the 3rd quarter worth about $3,749,000. Rockefeller Capital Management L.P. increased its stake in IonQ by 34.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after acquiring an additional 111,435 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in IonQ in the 3rd quarter worth about $1,631,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.