IonQ (NYSE:IONQ) Shares Down 2.8% - Time to Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was down 2.8% during trading on Friday . The stock traded as low as $37.11 and last traded at $37.57. Approximately 3,607,645 shares were traded during trading, a decline of 87% from the average daily volume of 28,694,279 shares. The stock had previously closed at $38.65.

Analysts Set New Price Targets

Several equities research analysts have recently commented on IONQ shares. Benchmark boosted their price target on IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price target on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, January 10th. DA Davidson started coverage on IonQ in a research note on Thursday, December 19th. They set a "buy" rating and a $50.00 price target on the stock. Finally, Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $33.00.

IonQ Stock Performance

The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of -46.26 and a beta of 2.40. The company has a 50-day moving average of $39.69 and a 200-day moving average of $23.31.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the business's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares in the company, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the company's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares of the company's stock, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,223 shares of company stock worth $1,314,652 in the last ninety days. Insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock worth $14,107,000 after buying an additional 135,851 shares during the last quarter. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ during the 3rd quarter worth $3,749,000. Rockefeller Capital Management L.P. increased its holdings in shares of IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company's stock worth $3,825,000 after buying an additional 111,435 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in IonQ during the 3rd quarter worth $1,631,000. Finally, Prospera Financial Services Inc boosted its position in IonQ by 196.1% during the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company's stock worth $337,000 after purchasing an additional 25,502 shares during the period. 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.