IonQ (NYSE:IONQ) Trading Down 18.6% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s share price traded down 18.6% on Monday . The company traded as low as $22.27 and last traded at $23.71. 28,352,066 shares were traded during trading, an increase of 235% from the average session volume of 8,451,992 shares. The stock had previously closed at $29.14.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. 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 research report on Friday, August 9th. Craig Hallum boosted their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Price Performance

The firm has a market cap of $6.03 billion, a P/E ratio of -34.42 and a beta of 1.89. The stock’s 50 day moving average is $13.79 and its two-hundred day moving average is $9.87.

IonQ (NYSE:IONQ) last posted its earnings results 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 business had revenue of $12.40 million during 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%. The business’s revenue was up 102.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.22) EPS. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Several hedge funds have recently modified their holdings of the stock. Arizona State Retirement System grew its stake in shares of IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after purchasing an additional 1,731 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of IonQ by 10.5% during the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after purchasing an additional 2,805 shares during the last quarter. Verity Asset Management Inc. grew its stake in shares of IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after purchasing an additional 3,736 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of IonQ by 29.3% during the third quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock valued at $166,000 after purchasing an additional 4,288 shares during the last quarter. Finally, Quest Partners LLC grew its stake in shares of IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. 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.