IonQ (NYSE:IONQ) Shares Down 1% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) fell 1% during trading on Monday . The stock traded as low as $21.50 and last traded at $22.62. 6,672,799 shares traded hands during trading, a decline of 55% from the average session volume of 14,990,899 shares. The stock had previously closed at $22.85.

Analyst Ratings Changes

A number of equities analysts have weighed in on IONQ shares. Benchmark reaffirmed a “buy” rating and set a $45.00 price target on shares of IonQ in a research note on Monday. Craig Hallum increased their target price 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 upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. The Goldman Sachs Group boosted their target price on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, IonQ has an average rating of “Buy” and a consensus price target of $44.80.

IonQ Stock Down 1.3 %

The firm’s 50 day simple moving average is $31.35 and its 200 day simple moving average is $27.17. The company has a market cap of $5.02 billion, a price-to-earnings ratio of -27.74 and a beta of 2.50.

Insider Activity at IonQ

In other news, CFO Thomas G. Kramer sold 11,712 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now directly owns 944,510 shares of the company’s stock, valued at approximately $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 20,047 shares of IonQ stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $372,272.79. Following the sale, the executive now owns 572,568 shares in the company, valued at approximately $10,632,587.76. This represents a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock worth $38,059,593 in the last three months. 11.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IONQ. Pathway Financial Advisers LLC bought a new position in IonQ during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC boosted its stake in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after buying an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in IonQ during the fourth quarter worth about $27,000. TD Waterhouse Canada Inc. bought a new stake in IonQ in the fourth quarter worth about $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in IonQ in the 4th quarter valued at about $34,000. Institutional investors and hedge funds 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.