IonQ (NYSE:IONQ) Stock Price Down 8.7% After Insider Selling

IonQ, Inc. (NYSE:IONQ)’s share price fell 8.7% during mid-day trading on Monday following insider selling activity. The stock traded as low as $18.38 and last traded at $18.77. 6,265,627 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 13,892,691 shares. The stock had previously closed at $20.55.

Specifically, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the sale, the executive now directly owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IONQ. Craig Hallum increased their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group boosted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Benchmark lowered their price objective on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, DA Davidson raised shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, IonQ has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Trading Up 2.2 %

The company has a 50-day moving average price of $35.31 and a two-hundred day moving average price of $25.67. The stock has a market cap of $4.16 billion, a P/E ratio of -23.06 and a beta of 2.50.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Pathway Financial Advisers LLC purchased a new position in shares of IonQ during the 4th quarter worth about $26,000. Smartleaf Asset Management LLC lifted its stake in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. purchased a new position in shares of IonQ during the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ during the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of IonQ in the fourth quarter worth approximately $34,000. 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.