IonQ (NYSE:IONQ) Trading Down 4.1% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 4.1% during mid-day trading on Thursday . The company traded as low as $24.87 and last traded at $25.65. Approximately 18,031,101 shares changed hands during mid-day trading, an increase of 121% from the average daily volume of 8,168,752 shares. The stock had previously closed at $26.76.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IONQ. Craig Hallum upped their price target on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC lifted their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group lowered their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th.

IonQ Stock Performance

The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of -31.67 and a beta of 1.89. The firm’s 50-day moving average price is $12.17 and its two-hundred day moving average price is $9.35.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period in the previous year, the company posted ($0.22) EPS. The firm’s revenue for the quarter was up 102.1% compared to the same quarter last year. As a group, equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 66,000 shares of company stock valued at $972,331. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds have recently modified their holdings of IONQ. Janney Montgomery Scott LLC lifted its holdings in IonQ by 283.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock worth $1,121,000 after buying an additional 82,891 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after acquiring an additional 1,400 shares during the period. Swiss National Bank boosted its holdings in IonQ by 14.8% in the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after acquiring an additional 44,200 shares during the last quarter. Avantax Advisory Services Inc. acquired a new stake in IonQ in the first quarter worth about $153,000. Finally, ProShare Advisors LLC lifted its holdings in IonQ by 10.5% in the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after buying an additional 2,805 shares during the period. 41.42% of the stock is owned by institutional investors.

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.