IonQ (NYSE:IONQ) Stock Price Down 1.2% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 1.2% during mid-day trading on Thursday . The company traded as low as $41.02 and last traded at $41.52. 8,213,609 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 44,028,902 shares. The stock had previously closed at $42.04.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Finally, Craig Hallum upped their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Performance

The stock has a market cap of $8.75 billion, a P/E ratio of -50.09 and a beta of 2.43. The stock has a 50-day moving average price of $36.86 and a 200-day moving average price of $19.43.

IonQ (NYSE:IONQ) last announced 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 firm had revenue of $12.40 million for 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 in the prior year, the business posted ($0.22) earnings per share. Sell-side analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,098 shares of company stock worth $1,720,683 over the last ninety days. 11.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Carnegie Investment Counsel purchased a new stake in IonQ during the third quarter valued at $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in IonQ during the third quarter valued at $3,749,000. Main Management ETF Advisors LLC purchased a new stake in IonQ during the third quarter valued at $1,865,000. Geode Capital Management LLC increased its position in IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after acquiring an additional 199,360 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in IonQ in the third quarter worth about $1,631,000. 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.