IonQ (NYSE:IONQ) Trading Down 6.6% – Should You Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 6.6% on Thursday . The stock traded as low as $34.67 and last traded at $35.0250. 24,304,784 shares were traded during trading, a decline of 6% from the average daily volume of 25,974,443 shares. The stock had previously closed at $37.51.

Analyst Ratings Changes

Several research firms have recently issued reports on IONQ. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price 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. Wedbush restated an “outperform” rating and set a $60.00 price target on shares of IonQ in a report on Monday, May 4th. Northland Securities upped their price objective on shares of IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Finally, Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.88.

IonQ Stock Down 0.9%

The firm has a market cap of $12.98 billion, a P/E ratio of -124.17 and a beta of 3.23. The firm’s 50-day simple moving average is $54.66 and its 200 day simple moving average is $44.54.

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

Insider Transactions at IonQ

In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares of the company’s stock, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kathryn K. Chou sold 2,757 shares of the business’s stock in a transaction on 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 sale, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. The trade was a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,102 shares of company stock valued at $701,489 in the last three months. 0.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the business. Bogart Wealth LLC grew its position in IonQ by 24.4% during the 1st quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock worth $37,000 after acquiring an additional 250 shares during the last quarter. Lauer Wealth LLC lifted its position in IonQ by 5.3% in the fourth quarter. Lauer Wealth LLC now owns 5,107 shares of the company’s stock valued at $229,000 after purchasing an additional 255 shares during the last quarter. Beaird Harris Wealth Management LLC boosted its stake in shares of IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after purchasing an additional 270 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock valued at $36,000 after purchasing an additional 279 shares during the period. Finally, ABN Amro Investment Solutions boosted its stake in shares of IonQ by 2.5% during the first quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock valued at $355,000 after purchasing an additional 295 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

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. 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.