IonQ (NYSE:IONQ) Trading Down 9% – Should You Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 9% during mid-day trading on Tuesday . The stock traded as low as $15.73 and last traded at $16.20. 15,327,074 shares were traded during mid-day trading, an increase of 125% from the average session volume of 6,806,028 shares. The stock had previously closed at $17.81.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IONQ. Benchmark cut their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Needham & Company LLC restated a “buy” rating and set a $13.00 price target on shares of IonQ in a research report on Wednesday, October 2nd. Craig Hallum cut their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th.

IonQ Stock Up 0.7 %

The stock’s fifty day moving average price is $9.70 and its two-hundred day moving average price is $8.52. The company has a market capitalization of $3.61 billion, a PE ratio of -21.35 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The company had revenue of $11.38 million during the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. IonQ’s revenue for the quarter was up 106.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.16) earnings per share. On average, equities research analysts forecast that IonQ, Inc. will post -0.84 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 dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 66,000 shares of company stock worth $972,331. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently bought and sold shares of the stock. Quest Partners LLC raised its stake in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after buying an additional 6,368 shares in the last quarter. nVerses Capital LLC bought a new position in IonQ in the third quarter worth about $72,000. Redwood Wealth Management Group LLC bought a new position in IonQ in the second quarter worth about $67,000. Impact Partnership Wealth LLC bought a new position in IonQ in the third quarter worth about $89,000. Finally, Mosley Wealth Management bought a new position in IonQ in the second quarter worth about $81,000. 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.