IonQ (NYSE:IONQ) Shares Down 2.2% - Should You Sell?

Key Points

• Shares fell 2.2% to about $42.67 on Friday with ~20.3M shares traded (below average); IonQ has a market cap of $15.64 billion and a negative P/E.
• Analyst views are mixed: the consensus is a "Moderate Buy" with an average price target of $68.25, but ratings range from a $37 target (Morgan Stanley) to $100 (Rosenblatt) and JPMorgan recently cut its target to $42.
• Insider and institutional activity: a director purchased 3,000 shares at $38.38 while another insider sold 5,165 shares at $39.44; insiders own 5.20% of the stock and institutions own 41.42%.

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 2.2% during mid-day trading on Friday . The stock traded as low as $41.26 and last traded at $42.6690. 20,296,879 shares traded hands during trading, a decline of 16% from the average session volume of 24,284,482 shares. The stock had previously closed at $43.63.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IONQ. JPMorgan Chase & Co. lowered their price target on IonQ from $47.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, February 26th. Rosenblatt Securities reiterated a "buy" rating and set a $100.00 price target on shares of IonQ in a research report on Thursday, February 26th. Morgan Stanley set a $37.00 price target on IonQ in a research report on Thursday, February 26th. Cantor Fitzgerald reiterated an "overweight" rating on shares of IonQ in a research report on Monday, February 9th. Finally, Wall Street Zen cut IonQ from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.25.

IonQ Price Performance

The firm has a market cap of $15.64 billion, a PE ratio of -17.14 and a beta of 2.80. The business has a fifty day moving average price of $34.38 and a two-hundred day moving average price of $45.59.

Insider Activity

In related news, Director William J. Teuber, Jr. purchased 3,000 shares of IonQ stock in a transaction on Friday, February 27th. The stock was bought at an average price of $38.38 per share, with a total value of $115,140.00. Following the completion of the transaction, the director directly owned 9,413 shares of the company's stock, valued at approximately $361,270.94. This represents a 46.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert T. Cardillo sold 5,165 shares of the business's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $39.44, for a total value of $203,707.60. Following the completion of the sale, the insider directly owned 112,291 shares of the company's stock, valued at $4,428,757.04. This represents a 4.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 8,581 shares of company stock worth $316,156. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of IonQ in the third quarter worth about $806,000. Clear Street Group Inc. acquired a new position in shares of IonQ during the 3rd quarter worth about $61,488,000. Western Wealth Management LLC lifted its position in shares of IonQ by 222.8% during the 3rd quarter. Western Wealth Management LLC now owns 23,762 shares of the company's stock worth $1,461,000 after purchasing an additional 16,400 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of IonQ by 56.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 47,545 shares of the company's stock worth $2,924,000 after purchasing an additional 17,215 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its position in shares of IonQ by 64.3% during the 3rd quarter. Penserra Capital Management LLC now owns 800,141 shares of the company's stock worth $49,208,000 after purchasing an additional 313,008 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.