IonQ (NYSE:IONQ) Shares Down 4.1% – Should You Sell?

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

Analysts Set New Price Targets

IONQ has been the subject of several 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. The Goldman Sachs Group reduced their price target 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. Craig Hallum boosted their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC lifted 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.

IonQ Stock Up 11.4 %

The stock has a market capitalization of $6.24 billion, a P/E ratio of -35.98 and a beta of 1.89. The firm has a 50-day moving average of $13.00 and a 200 day moving average of $9.61.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to the consensus estimate 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 was up 102.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.22) earnings per share. Analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In related news, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 66,000 shares of company stock worth $972,331. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after acquiring an additional 918,265 shares during the last quarter. Carnegie Investment Counsel bought a new position in shares of IonQ in the 3rd quarter worth $5,036,000. SG Americas Securities LLC grew its stake in shares of IonQ by 27.3% during the second quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock worth $18,661,000 after purchasing an additional 569,906 shares during the period. Yong Rong HK Asset Management Ltd bought a new stake in IonQ in the third quarter valued at about $3,749,000. Finally, Gagnon Securities LLC acquired a new position in IonQ in the first quarter valued at about $2,410,000. Institutional investors 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.