IonQ (NYSE:IONQ) Trading Down 3.5% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) shares fell 3.5% during trading on Wednesday . The company traded as low as $27.57 and last traded at $27.81. 18,890,916 shares changed hands during trading, a decline of 11% from the average session volume of 21,157,268 shares. The stock had previously closed at $28.83.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on IONQ shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a research report on Thursday, January 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of IonQ in a research note on Thursday, February 26th. Morgan Stanley set a $37.00 price target on IonQ in a research report on Thursday, February 26th. Finally, Benchmark dropped their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.45.

IonQ Price Performance

The stock has a market capitalization of $10.75 billion, a P/E ratio of -11.78 and a beta of 2.80. The company’s 50 day simple moving average is $34.79 and its two-hundred day simple moving average is $48.75.

Insider Transactions at IonQ

In other IonQ news, Director William J. Teuber, Jr. purchased 3,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were acquired at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the transaction, the director directly owned 9,413 shares in the company, valued at approximately $361,270.94. The trade was a 46.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert T. Cardillo sold 5,165 shares of the firm’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 sale, the insider directly owned 112,291 shares of the company’s stock, valued at $4,428,757.04. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,581 shares of company stock valued at $316,156 in the last three months. 5.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Stone House Investment Management LLC grew its holdings in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. lifted its position in shares of IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares in the last quarter. Hilltop National Bank lifted its position in shares of IonQ by 112.5% during the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after purchasing an additional 225 shares in the last quarter. Accent Capital Management LLC grew its stake in shares of IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the last quarter. Finally, Fortitude Family Office LLC increased its holdings in shares of IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after purchasing an additional 608 shares in the last quarter. 41.42% of the stock is owned by 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. 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.