IonQ (NYSE:IONQ) Trading Down 7% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) was down 7% on Monday . The company traded as low as $34.63 and last traded at $35.32. Approximately 11,449,084 shares were traded during trading, an increase of 19% from the average daily volume of 9,582,017 shares. The stock had previously closed at $37.97.

Analysts Set New Price Targets

IONQ has been the topic of a number of analyst reports. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum upped 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. Finally, Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Price Performance

The stock has a 50 day moving average price of $20.28 and a two-hundred day moving average price of $12.07. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of -42.90 and a beta of 2.47.

IonQ (NYSE:IONQ) last posted its quarterly earnings data 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). 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 during the quarter, compared to analyst estimates of $10.56 million. During the same quarter in the previous year, the business posted ($0.22) EPS. The company’s revenue was up 102.1% compared to the same quarter last year. 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 news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 1.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of institutional investors have recently bought and sold shares of the business. Arizona State Retirement System grew its stake in shares of IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after purchasing an additional 1,731 shares during the period. Verity Asset Management Inc. increased its stake in shares of IonQ by 12.4% in the 3rd quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after acquiring an additional 3,736 shares during the last quarter. HighTower Advisors LLC raised its position in shares of IonQ by 29.3% in the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock valued at $166,000 after acquiring an additional 4,288 shares during the period. Quest Partners LLC boosted its stake in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in IonQ by 40.6% during the second quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after purchasing an additional 7,744 shares during the period. 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.