IonQ (NYSE:IONQ) Shares Gap Down – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares gapped down before the market opened on Monday . The stock had previously closed at $29.14, but opened at $28.15. IonQ shares last traded at $23.81, with a volume of 12,311,559 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IONQ. Craig Hallum boosted their price objective on 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 target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark increased their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th.

IonQ Trading Up 10.5 %

The stock’s fifty day simple moving average is $13.79 and its 200 day simple moving average is $9.87. The company has a market cap of $6.03 billion, a price-to-earnings ratio of -34.42 and a beta of 1.89.

IonQ (NYSE:IONQ) last posted its quarterly 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). The firm had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s quarterly revenue was up 102.1% on a year-over-year basis. During the same period last year, the company earned ($0.22) EPS. On average, analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

A number of institutional investors have recently bought and sold shares of IONQ. Vanguard Group Inc. raised its holdings in shares of IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after buying an additional 918,265 shares during the last quarter. Carnegie Investment Counsel acquired a new position in IonQ in the 3rd quarter valued at about $5,036,000. SG Americas Securities LLC raised its stake in IonQ by 27.3% during the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after acquiring an additional 569,906 shares during the last quarter. Yong Rong HK Asset Management Ltd acquired a new stake in IonQ during the 3rd quarter worth approximately $3,749,000. Finally, Main Management ETF Advisors LLC acquired a new position in shares of IonQ in the third quarter valued at approximately $1,865,000. 41.42% of the stock is owned by hedge funds and other 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.