IonQ (NYSE:IONQ) Stock Price Down 7.2% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) shares traded down 7.2% during trading on Tuesday . The company traded as low as $44.02 and last traded at $45.3430. Approximately 18,604,444 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 26,370,463 shares. The stock had previously closed at $48.87.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IONQ shares. Wedbush restated an “outperform” rating and set a $60.00 price objective on shares of IonQ in a research report on Monday, May 4th. Jefferies Financial Group set a $85.00 price target on IonQ in a report on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, June 11th. Morgan Stanley set a $48.50 target price on shares of IonQ in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.88.

IonQ Trading Down 7.2%

The business’s 50-day simple moving average is $55.58 and its two-hundred day simple moving average is $45.06. The firm has a market cap of $16.93 billion, a price-to-earnings ratio of -161.94 and a beta of 3.23.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. During the same quarter last year, the firm posted ($0.14) EPS. The firm’s revenue for the quarter was up 754.7% on a year-over-year basis. On average, analysts forecast that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the completion of the transaction, the insider directly owned 80,148 shares of the company’s stock, valued at approximately $4,408,941.48. This trade represents a 4.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kathryn K. Chou sold 2,757 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the transaction, the director directly owned 62,608 shares in the company, valued at $3,444,692.16. This represents a 4.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,102 shares of company stock valued at $701,489. 0.55% of the stock is currently owned by insiders.

Institutional Trading of IonQ

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in IonQ by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after purchasing an additional 5,420,037 shares during the period. State Street Corp grew its stake in shares of IonQ by 42.3% in the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after buying an additional 2,663,230 shares during the period. Geode Capital Management LLC grew its stake in shares of IonQ by 21.9% in the 4th quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after buying an additional 1,452,463 shares during the period. Norges Bank bought a new stake in IonQ in the 4th quarter valued at about $199,753,000. Finally, Marex Group plc raised its stake in IonQ by 419.1% during the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after buying an additional 3,296,866 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.