IonQ (NYSE:IONQ) Trading Down 0.9% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares dropped 0.9% during trading on Thursday . The stock traded as low as $37.51 and last traded at $37.65. Approximately 5,497,010 shares were traded during trading, a decline of 81% from the average daily volume of 29,254,494 shares. The stock had previously closed at $38.00.

Analyst Upgrades and Downgrades

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

IonQ Trading Down 3.0 %

The firm has a market cap of $8.11 billion, a price-to-earnings ratio of -46.26 and a beta of 2.40. The business’s 50-day simple moving average is $39.69 and its two-hundred day simple moving average is $23.10.

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock worth $1,314,652 over the last three months. 11.60% of the stock is owned by company insiders.

Institutional Trading of IonQ

Several large investors have recently made changes to their positions in IONQ. JPMorgan Chase & Co. grew its position in 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 during the period. Chevy Chase Trust Holdings LLC acquired a new position in IonQ during the 4th quarter valued at about $32,060,000. Arrowstreet Capital Limited Partnership bought a new stake in IonQ during the fourth quarter worth $29,513,000. Invesco Ltd. lifted its stake in IonQ by 439.3% during the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock valued at $35,800,000 after acquiring an additional 698,146 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in IonQ by 475.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company’s stock worth $28,771,000 after acquiring an additional 569,061 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.