IonQ (NYSE:IONQ) Stock Price Down 4.3% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) shares were down 4.3% on Wednesday . The stock traded as low as $28.32 and last traded at $29.32. Approximately 11,734,170 shares changed hands during trading, an increase of 28% from the average daily volume of 9,171,181 shares. The stock had previously closed at $30.65.

Analyst Ratings Changes

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

IonQ Price Performance

The company has a market cap of $6.68 billion, a PE ratio of -37.64 and a beta of 1.89. The business has a fifty day simple moving average of $16.12 and a two-hundred day simple moving average of $10.64.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.22) EPS. On average, equities research analysts predict 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 company’s 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 transaction, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold 66,000 shares of company stock valued at $972,331 in the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Large investors have recently added to or reduced their stakes in the company. Carnegie Investment Counsel acquired a new stake in IonQ during the 3rd quarter worth about $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in shares of IonQ in the third quarter worth about $3,749,000. Prospera Financial Services Inc grew its holdings in IonQ by 196.1% during the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after acquiring an additional 25,502 shares during the period. Bleakley Financial Group LLC purchased a new position in IonQ during the third quarter valued at approximately $152,000. Finally, LMR Partners LLP acquired a new position in IonQ in the third quarter valued at approximately $874,000. Hedge funds and other 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.