IonQ (NYSE:IONQ) Shares Down 2.3% – Should You Sell?
by Danessa Lincoln · The Markets DailyIonQ, Inc. (NYSE:IONQ – Get Free Report) shares were down 2.3% during mid-day trading on Wednesday . The stock traded as low as $31.66 and last traded at $31.9490. Approximately 15,536,549 shares traded hands during trading, a decline of 27% from the average daily volume of 21,293,805 shares. The stock had previously closed at $32.70.
Analyst Ratings Changes
A number of research analysts recently commented on IONQ shares. Benchmark dropped their price target on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of IonQ from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of IonQ in a research report on Thursday, February 26th. Jefferies Financial Group began coverage on shares of IonQ in a research report on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target on the stock. Finally, Mizuho began coverage on shares of IonQ in a research note on Thursday, December 11th. They issued an “outperform” rating and a $90.00 price objective on the stock. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $69.45.
Read Our Latest Analysis on IonQ
IonQ Stock Down 7.8%
The firm has a 50 day moving average of $36.99 and a two-hundred day moving average of $49.39. The firm has a market capitalization of $10.09 billion, a price-to-earnings ratio of -11.05 and a beta of 2.61.
Insider Transactions at IonQ
In related news, insider Robert T. Cardillo sold 5,165 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the transaction, the insider directly owned 112,291 shares in the company, valued at $4,428,757.04. This represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Teuber, Jr. acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was bought at an average cost of $38.38 per share, with a total value of $115,140.00. Following the purchase, the director owned 9,413 shares in the company, valued at $361,270.94. The trade was a 46.78% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders sold 8,581 shares of company stock valued at $316,156. 5.20% of the stock is currently owned by insiders.
Institutional Trading of IonQ
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Stone House Investment Management LLC grew its position in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. raised its position in IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after purchasing an additional 340 shares during the last quarter. Hilltop National Bank raised its position in IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares during the last quarter. Accent Capital Management LLC boosted its stake in shares of IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares in the last quarter. Finally, Fortitude Family Office LLC boosted its stake in shares of IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after purchasing an additional 608 shares in the last quarter. Institutional investors 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.