IonQ (NYSE:IONQ) Trading Down 39% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) were down 39% during mid-day trading on Thursday . The stock traded as low as $25.92 and last traded at $30.27. Approximately 127,081,346 shares traded hands during trading, an increase of 179% from the average daily volume of 45,574,754 shares. The stock had previously closed at $49.59.

Analyst Ratings Changes

IONQ has been the topic of a number of recent research reports. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC upped 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. DA Davidson assumed coverage on IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective for the company. The Goldman Sachs Group upped their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Craig Hallum raised their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $33.00.

IonQ Stock Up 7.4 %

The business’s 50-day moving average is $34.12 and its two-hundred day moving average is $17.63. The company has a market capitalization of $7.03 billion, a P/E ratio of -40.10 and a beta of 2.43.

IonQ (NYSE:IONQ) last released its quarterly earnings data 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). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the previous year, the firm posted ($0.22) earnings per share. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. Analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction dated 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 owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 9,159 shares of the firm’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 completion of the transaction, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,507 shares of company stock valued at $2,279,308. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of large investors have recently bought and sold shares of the business. Versant Capital Management Inc lifted its holdings in IonQ by 1,348.5% in the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after purchasing an additional 890 shares in the last quarter. Quest Partners LLC boosted its position 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 worth $46,000 after buying an additional 6,368 shares during the period. GAMMA Investing LLC increased its stake in IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after buying an additional 480 shares during the period. Redwood Wealth Management Group LLC purchased a new stake in IonQ during the 2nd quarter worth about $67,000. Finally, nVerses Capital LLC acquired a new stake in shares of IonQ in the 3rd quarter valued at $72,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

About IonQ

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.