IonQ (NYSE:IONQ) Shares Down 3% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 3% on Thursday . The stock traded as low as $38.46 and last traded at $40.53. 9,175,397 shares changed hands during trading, a decline of 15% from the average session volume of 10,735,969 shares. The stock had previously closed at $41.77.

Analyst Ratings Changes

Several research firms have recently issued reports on IONQ. Needham & Company LLC lifted their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, DA Davidson began coverage on IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.60.

IonQ Stock Up 10.8 %

The company has a market cap of $10.34 billion, a PE ratio of -58.97 and a beta of 2.49. The company’s fifty day moving average is $31.87 and its 200-day moving average is $16.52.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 36.82% and a negative net margin of 457.85%. The business’s quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.22) earnings per share. Equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In other news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares of the company’s stock, valued at $6,954,953.76. The trade was a 1.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock valued at $2,286,983 in the last quarter. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares during the period. Carnegie Investment Counsel bought a new stake in IonQ during the third quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of IonQ in the third quarter valued at about $3,749,000. Rockefeller Capital Management L.P. boosted its stake in shares of IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after acquiring an additional 111,435 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of IonQ during the third quarter worth about $1,631,000. 41.42% of the stock is currently 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.