IonQ (NYSE:IONQ) Shares Down 0.7% – Should You Sell?

IonQ, Inc. (NYSE:IONQ)’s share price traded down 0.7% on Monday . The company traded as low as $24.12 and last traded at $24.83. 15,947,025 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 14,287,282 shares. The stock had previously closed at $25.00.

Analyst Ratings Changes

A number of research analysts recently commented on IONQ shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price target on shares of IonQ in a report on Thursday, February 27th. Craig Hallum raised their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group lifted 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. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Benchmark dropped their price objective on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, IonQ has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Price Performance

The stock has a market capitalization of $5.06 billion, a PE ratio of -28.05 and a beta of 2.50. The firm has a fifty day moving average price of $32.96 and a two-hundred day moving average price of $26.23.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 20,047 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $372,272.79. Following the completion of the sale, the executive now owns 572,568 shares of the company’s stock, valued at approximately $10,632,587.76. The trade was a 3.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the transaction, the chief financial officer now directly owns 944,510 shares in the company, valued at approximately $17,539,550.70. This trade represents a 1.22 % 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 quarter. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently made changes to their positions in IONQ. Vanguard Group Inc. raised its holdings in shares of IonQ by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock valued at $892,797,000 after acquiring an additional 125,144 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock valued at $186,593,000 after purchasing an additional 45,942 shares in the last quarter. State Street Corp lifted its position in shares of IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after purchasing an additional 75,596 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of IonQ by 1,310.9% during the fourth 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. Finally, Northern Trust Corp boosted its stake in shares of IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock valued at $80,809,000 after purchasing an additional 216,752 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.