IonQ (NYSE:IONQ) Shares Down 2.7% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) fell 2.7% on Wednesday . The stock traded as low as $32.36 and last traded at $32.3940. 15,993,592 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 21,752,773 shares. The stock had previously closed at $33.31.

Analyst Ratings Changes

IONQ has been the topic of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Benchmark lowered their target price on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Wedbush started coverage on IonQ in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price objective on the stock. Wall Street Zen upgraded IonQ from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, JPMorgan Chase & Co. cut their price objective on IonQ from $47.00 to $42.00 and set a “neutral” 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 assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.45.

IonQ Trading Down 2.7%

The company has a market capitalization of $11.88 billion, a PE ratio of -13.01 and a beta of 2.61. The business’s 50-day simple moving average is $39.48 and its 200-day simple moving average is $50.00.

Insider Transactions at IonQ

In other IonQ news, Director William J. Teuber, Jr. acquired 3,000 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were acquired at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the acquisition, the director owned 9,413 shares in the company, valued at $361,270.94. The trade was a 46.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 5,165 shares of the firm’s stock in a transaction that occurred 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 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 SEC filing for this sale provides additional information. Insiders sold a total of 13,581 shares of company stock worth $591,156 in the last 90 days. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its position in IonQ by 12.5% in the first quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after buying an additional 14,898 shares during the period. Amundi acquired a new position in shares of IonQ in the 1st quarter worth $630,000. AQR Capital Management LLC increased its position in shares of IonQ by 106.2% in the first quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after acquiring an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in IonQ by 24.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after buying an additional 87,428 shares during the period. Finally, Focus Partners Wealth lifted its position in IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after buying an additional 10,881 shares in the last quarter. 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.