IonQ (NYSE:IONQ) Stock Price Down 3.9% - Time to Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price dropped 3.9% during mid-day trading on Monday . The company traded as low as $28.11 and last traded at $27.77. Approximately 6,355,465 shares changed hands during trading, a decline of 60% from the average daily volume of 16,072,965 shares. The stock had previously closed at $28.90.

Wall Street Analyst Weigh In

Several research firms have recently commented on IONQ. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. DA Davidson decreased their target price on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Benchmark cut their price target on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.80.

IonQ Price Performance

The company has a market capitalization of $6.23 billion, a price-to-earnings ratio of -34.41 and a beta of 2.50. The stock has a fifty day simple moving average of $24.73 and a 200-day simple moving average of $29.54.

Insider Activity

In other news, Director William F. Scannell acquired 93,066 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the acquisition, the director now owns 135,047 shares of the company's stock, valued at $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the transaction, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at approximately $17,539,550.70. This represents a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,033,166 shares of company stock worth $38,059,593 over the last ninety days. Corporate insiders own 11.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the period. Chevy Chase Trust Holdings LLC acquired a new position in IonQ during the fourth quarter valued at approximately $32,060,000. Ameriprise Financial Inc. acquired a new stake in shares of IonQ in the fourth quarter valued at about $29,519,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of IonQ during the fourth quarter worth about $29,513,000. Finally, Invesco Ltd. grew its holdings in IonQ by 439.3% during the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company's stock worth $35,800,000 after acquiring an additional 698,146 shares in the last quarter. 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.

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