IonQ (NYSE:IONQ) Shares Down 4.1% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) traded down 4.1% on Tuesday . The stock traded as low as $41.45 and last traded at $42.48. 6,203,307 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 10,697,669 shares. The stock had previously closed at $44.29.

Analyst Ratings Changes

IONQ has been the topic of several research analyst reports. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. DA Davidson started coverage on IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective on the stock. Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. 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.com, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $28.60.

IonQ Price Performance

The company has a market cap of $9.18 billion, a P/E ratio of -52.38 and a beta of 2.49. The business has a 50-day moving average of $29.04 and a two-hundred day moving average of $15.38.

IonQ (NYSE:IONQ) last announced its earnings results 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 net margin of 457.85% and a negative return on equity of 36.82%. The company’s quarterly revenue was up 102.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.22) earnings per share. Equities analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of IonQ by 9.2% in the third 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 in the last quarter. Carnegie Investment Counsel acquired a new position in IonQ during the third quarter worth $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in IonQ in the 3rd quarter valued at $3,749,000. Rockefeller Capital Management L.P. increased its stake in shares of IonQ by 34.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after acquiring an additional 111,435 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of IonQ during the 3rd quarter worth $1,631,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.