IonQ (NYSE:IONQ) Trading Down 1.1% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares dropped 1.1% on Tuesday . The stock traded as low as $31.88 and last traded at $32.7470. Approximately 13,361,450 shares were traded during trading, a decline of 37% from the average daily volume of 21,355,947 shares. The stock had previously closed at $33.11.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, February 26th. Benchmark decreased their price target on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Wall Street Zen raised IonQ from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Mizuho began coverage on IonQ in a research note on Thursday, December 11th. They set an “outperform” rating and a $90.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a report on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.45.

IonQ Stock Performance

The company’s 50 day simple moving average is $37.35 and its 200 day simple moving average is $49.53. The stock has a market cap of $10.92 billion, a PE ratio of -11.96 and a beta of 2.61.

Insider Activity at IonQ

In other IonQ news, Director William J. Teuber, Jr. acquired 3,000 shares of the business’s stock in a transaction on Friday, February 27th. The shares were acquired at an average price of $38.38 per share, with a total value of $115,140.00. Following the completion of the transaction, the director owned 9,413 shares in the company, valued at approximately $361,270.94. This trade represents a 46.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robert T. Cardillo sold 5,165 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total value of $203,707.60. Following the completion of the transaction, the insider owned 112,291 shares of the company’s stock, valued at $4,428,757.04. This trade represents a 4.40% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 8,581 shares of company stock valued at $316,156. 5.20% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. boosted its position in IonQ by 28.4% during the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company’s stock worth $40,000 after purchasing an additional 223 shares during the period. Hilltop National Bank lifted its stake in shares of IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after buying an additional 225 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of IonQ by 4.3% during the 3rd quarter. International Assets Investment Management LLC now owns 5,679 shares of the company’s stock valued at $349,000 after buying an additional 235 shares in the last quarter. Lauer Wealth LLC boosted its holdings in IonQ by 5.5% in the 3rd quarter. Lauer Wealth LLC now owns 4,852 shares of the company’s stock worth $298,000 after buying an additional 255 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in IonQ by 11.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,480 shares of the company’s stock worth $153,000 after buying an additional 261 shares during the period. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.