IonQ (NYSE:IONQ) Stock Price Down 3% - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares fell 3% on Monday . The company traded as low as $37.04 and last traded at $37.47. 8,150,097 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 27,816,476 shares. The stock had previously closed at $38.65.

Analyst Ratings Changes

A number of brokerages have weighed in on IONQ. Benchmark upped their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Craig Hallum upped their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, December 20th. The Goldman Sachs Group upped their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. DA Davidson initiated coverage on shares of IonQ in a report on Thursday, December 19th. They issued a "buy" rating and a $50.00 price objective on the stock. Finally, Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

IonQ Price Performance

The firm's 50 day moving average price is $39.93 and its 200-day moving average price is $23.85. The stock has a market cap of $7.30 billion, a P/E ratio of -41.64 and a beta of 2.40.

Insider Transactions at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction 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 $12,319,011.99. This trade represents a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,223 shares of company stock worth $1,314,652. Corporate insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in IonQ by 29.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company's stock worth $15,146,000 after buying an additional 82,499 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in IonQ in the fourth quarter worth about $7,081,000. Virtus Fund Advisers LLC purchased a new stake in IonQ in the fourth quarter worth about $42,000. Virtus Investment Advisers Inc. purchased a new stake in IonQ in the fourth quarter worth about $209,000. Finally, Visionary Wealth Advisors purchased a new stake in IonQ in the fourth quarter worth about $567,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

IonQ Company Profile

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.