IonQ (NYSE:IONQ) Stock Price Down 2.2% - Time to Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price traded down 2.2% on Friday . The company traded as low as $32.57 and last traded at $33.02. 6,815,419 shares were traded during mid-day trading, a decline of 75% from the average session volume of 27,217,791 shares. The stock had previously closed at $33.75.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. Craig Hallum increased their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Needham & Company LLC increased 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. Benchmark increased their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, DA Davidson raised shares of IonQ to a "strong-buy" rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, IonQ presently has an average rating of "Buy" and an average target price of $33.00.

IonQ Price Performance

The firm has a market capitalization of $6.87 billion, a PE ratio of -39.18 and a beta of 2.40. The stock's 50-day moving average price is $39.89 and its 200 day moving average price is $24.03.

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the 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 transaction, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Institutional investors have recently bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new stake in IonQ in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its stake in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after acquiring an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new stake in IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new position in shares of IonQ in the fourth quarter worth $33,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of IonQ in the fourth quarter worth $34,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.