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

Shares of IonQ, Inc. (NYSE:IONQ) traded down 1.2% during mid-day trading on Tuesday . The stock traded as low as $49.06 and last traded at $50.46. 13,854,183 shares traded hands during trading, a decline of 36% from the average session volume of 21,757,223 shares. The stock had previously closed at $51.07.

Analysts Set New Price Targets

A number of research firms have commented on IONQ. Needham & Company LLC boosted their target price 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 began coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Benchmark lifted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum increased their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.60.

IonQ Stock Performance

The company has a market capitalization of $11.01 billion, a PE ratio of -62.84 and a beta of 2.43. The stock’s fifty day simple moving average is $32.53 and its 200-day simple moving average is $16.96.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) 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 analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.22) EPS. On average, equities analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,223 shares of company stock worth $2,286,983 in the last three months. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after acquiring an additional 199,360 shares during the period. State Street Corp boosted its stake in shares of IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 in the last quarter. Bank of New York Mellon Corp increased its stake in IonQ by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after buying an additional 131,439 shares during the period. Finally, FMR LLC lifted its holdings in IonQ by 7.2% in the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after buying an additional 41,125 shares in the last quarter. 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.