IonQ (NYSE:IONQ) Stock Price Down 5.7% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 5.7% on Wednesday . The stock traded as low as $40.90 and last traded at $41.77. Approximately 15,266,852 shares were traded during trading, an increase of 42% from the average daily volume of 10,735,969 shares. The stock had previously closed at $44.29.

Analyst Ratings Changes

Several equities research analysts have recently commented on IONQ shares. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Benchmark increased their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, 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 target price for the company. One 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.60.

IonQ Price Performance

The stock has a market capitalization of $9.33 billion, a P/E ratio of -53.21 and a beta of 2.49. The stock’s 50-day simple moving average is $30.70 and its 200 day simple moving average is $16.06.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm’s quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.22) EPS. As a group, analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were 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 trade represents a 1.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were 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 in the company, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock worth $2,286,983 in the last ninety days. 11.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted 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 worth $14,107,000 after buying an additional 135,851 shares during the period. Carnegie Investment Counsel bought a new position in shares of IonQ during the third quarter worth about $5,036,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of IonQ in the third quarter worth approximately $3,749,000. Rockefeller Capital Management L.P. boosted its holdings in IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after acquiring an additional 111,435 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in IonQ during the 3rd quarter valued at approximately $1,631,000. Institutional investors and hedge funds 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.