IonQ (NYSE:IONQ) Stock Price Down 4.8% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) fell 4.8% during trading on Monday . The company traded as low as $41.30 and last traded at $42.30. 13,363,686 shares changed hands during trading, an increase of 27% from the average session volume of 10,492,363 shares. The stock had previously closed at $44.42.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Benchmark boosted their target price 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. Craig Hallum increased their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. Finally, Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average price target of $28.60.

IonQ Trading Up 7.9 %

The stock has a market cap of $9.65 billion, a price-to-earnings ratio of -55.04 and a beta of 2.49. The firm’s 50-day moving average is $27.03 and its two-hundred day moving average is $14.57.

IonQ (NYSE:IONQ) last issued its quarterly earnings results 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 return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period in the prior year, the firm earned ($0.22) earnings per share. The business’s revenue was up 102.1% on a year-over-year basis. On average, analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock valued at $2,286,983 over the last 90 days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in IonQ by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after acquiring an additional 131,439 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of IonQ by 40.6% in the 2nd 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 last quarter. Rhumbline Advisers grew its holdings in shares of IonQ by 13.5% during the 2nd quarter. Rhumbline Advisers now owns 295,918 shares of the company’s stock worth $2,080,000 after purchasing an additional 35,158 shares during the period. Foundations Investment Advisors LLC increased its position in shares of IonQ by 99.5% during the 2nd quarter. Foundations Investment Advisors LLC now owns 121,242 shares of the company’s stock worth $852,000 after purchasing an additional 60,483 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after buying an additional 1,731 shares during the period. Hedge funds and other institutional investors 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.