IonQ (NYSE:IONQ) Shares Down 4.1% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) dropped 4.1% during trading on Thursday . The company traded as low as $24.87 and last traded at $25.65. Approximately 18,031,101 shares traded hands during mid-day trading, an increase of 121% from the average daily volume of 8,168,752 shares. The stock had previously closed at $26.76.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IONQ. Craig Hallum raised their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. 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 note on Thursday, November 7th. Finally, The Goldman Sachs Group decreased 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.

IonQ Price Performance

The business has a fifty day moving average price of $13.00 and a two-hundred day moving average price of $9.61. The firm has a market cap of $6.24 billion, a PE ratio of -35.98 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its 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 business 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 company’s revenue was up 102.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.22) EPS. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value 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. This represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 66,000 shares of company stock valued at $972,331 in the last quarter. Company insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC grew its holdings in 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. Redwood Wealth Management Group LLC bought a new position in IonQ in the 2nd quarter worth $67,000. nVerses Capital LLC acquired a new position in IonQ during the 3rd quarter worth $72,000. Mosley Wealth Management bought a new stake in IonQ during the second quarter valued at about $81,000. Finally, Xponance Inc. acquired a new stake in shares of IonQ in the second quarter valued at about $88,000. 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.