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

IonQ, Inc. (NYSE:IONQ) was down 4.1% on Thursday . The company traded as low as $40.33 and last traded at $41.57. 17,074,970 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 25,108,361 shares. The stock had previously closed at $43.36.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group set a $75.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Wedbush assumed coverage on shares of IonQ in a report on Monday, August 3rd. They set an “outperform” rating and a $75.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of IonQ in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered shares of IonQ from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.92.

IonQ Stock Performance

The firm has a fifty day simple moving average of $44.95 and a 200-day simple moving average of $43.15. The company has a market capitalization of $15.84 billion, a PE ratio of -8.92 and a beta of 3.28.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The company had revenue of $80.05 million during the quarter, compared to analysts’ expectations of $66.47 million. During the same period in the prior year, the business posted ($0.70) EPS. The business’s revenue was up 286.7% on a year-over-year basis. As a group, research analysts anticipate that IonQ, Inc. will post -2.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, Director Gabrielle B. Toledano 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 $55.01, for a total value of $151,662.57. Following the completion of the sale, the director owned 11,154 shares of the company’s stock, valued at approximately $613,581.54. The trade was a 19.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John W. Raymond sold 3,815 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the sale, the insider owned 80,148 shares in the company, valued at approximately $4,408,941.48. This trade represents a 4.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,329 shares of company stock worth $513,216 in the last ninety days. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On IonQ

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in IonQ by 12.5% during the first quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock valued at $2,962,000 after buying an additional 14,898 shares in the last quarter. Amundi acquired a new position in shares of IonQ in the 1st quarter worth approximately $630,000. AQR Capital Management LLC grew its position in shares of IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after acquiring an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after acquiring an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth increased its holdings in shares of IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $1,032,000 after acquiring an additional 10,881 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.