IonQ (NYSE:IONQ) Stock Price Down 1.9% - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares traded down 1.9% during trading on Tuesday . The company traded as low as $27.69 and last traded at $28.15. 3,830,032 shares were traded during mid-day trading, a decline of 76% from the average session volume of 16,051,426 shares. The stock had previously closed at $28.70.

Wall Street Analysts Forecast Growth

IONQ has been the topic of several research reports. DA Davidson cut their price target on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Benchmark reduced their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

IonQ Trading Up 2.1 %

The firm has a 50-day moving average of $24.42 and a 200 day moving average of $29.64. The company has a market cap of $6.25 billion, a P/E ratio of -34.70 and a beta of 2.50.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the transaction, the executive now owns 592,615 shares in the company, valued at $12,563,438. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William F. Scannell bought 93,066 shares of the stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now directly owns 135,047 shares in the company, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of IonQ by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock worth $892,797,000 after acquiring an additional 125,144 shares during the last quarter. Geode Capital Management LLC lifted its stake in IonQ by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after buying an additional 45,942 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after purchasing an additional 2,293,231 shares during the period. Northern Trust Corp lifted its stake in shares of IonQ by 12.6% in the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after acquiring an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of IonQ by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock valued at $68,740,000 after purchasing an additional 31,638 shares during the period. 41.42% of the stock is owned by institutional investors and hedge funds.

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.