IonQ (NYSE:IONQ) Shares Down 2.3% – Should You Sell?
by Renee Jackson · The Cerbat GemShares of IonQ, Inc. (NYSE:IONQ – Get Free Report) dropped 2.3% during mid-day trading on Wednesday . The company traded as low as $33.50 and last traded at $34.3140. Approximately 25,998,650 shares were traded during trading, an increase of 18% from the average daily volume of 22,033,691 shares. The stock had previously closed at $35.12.
Analyst Ratings Changes
IONQ has been the subject of a number of research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Benchmark cut their price objective on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. JPMorgan Chase & Co. reduced their target price on shares of IonQ from $47.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, February 26th. Jefferies Financial Group started coverage on IonQ in a research note on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target on the stock. Finally, Needham & Company LLC cut their price target on IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $69.45.
Check Out Our Latest Stock Analysis on IONQ
IonQ Stock Performance
The business’s 50 day moving average price is $40.41 and its 200-day moving average price is $50.05. The company has a market cap of $12.11 billion, a price-to-earnings ratio of -13.27 and a beta of 2.61.
Insider Activity at IonQ
In related news, Director Kathryn K. Chou sold 5,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $55.00, for a total value of $275,000.00. Following the completion of the transaction, the director owned 60,839 shares of the company’s stock, valued at $3,346,145. This represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Teuber, Jr. acquired 3,000 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were bought at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the acquisition, 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 position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 10,781 shares of company stock valued at $497,804 over the last quarter. 5.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the stock. Fund Advisors of America Inc FL bought a new position in shares of IonQ during the fourth quarter valued at $463,000. Spear Advisors LLC bought a new stake in shares of IonQ in the 4th quarter worth about $1,853,000. Corient Private Wealth LLC increased its position in shares of IonQ by 29.5% during the 4th quarter. Corient Private Wealth LLC now owns 61,437 shares of the company’s stock worth $2,757,000 after purchasing an additional 13,996 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in IonQ by 1,209.5% during the 4th quarter. Hsbc Holdings PLC now owns 165,524 shares of the company’s stock valued at $7,488,000 after purchasing an additional 152,884 shares during the last quarter. Finally, Pure Financial Advisors LLC lifted its holdings in IonQ by 6.8% during the 4th quarter. Pure Financial Advisors LLC now owns 15,664 shares of the company’s stock valued at $703,000 after purchasing an additional 992 shares during the last quarter. 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. 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.