IonQ (NYSE:IONQ) Shares Down 7.4% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s share price dropped 7.4% during trading on Friday . The stock traded as low as $45.76 and last traded at $46.1270. Approximately 19,423,272 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 24,099,691 shares. The stock had previously closed at $49.82.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group assumed coverage on shares of IonQ in a report on Tuesday, December 16th. They set a “buy” rating and a $100.00 target price on the stock. Benchmark lifted their target price on IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, September 16th. Cantor Fitzgerald increased their price target on IonQ from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Wedbush initiated coverage on IonQ in a report on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a report on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $72.08.

IonQ Stock Down 7.4%

The firm has a market capitalization of $16.03 billion, a P/E ratio of -8.62 and a beta of 2.62. The company’s 50 day moving average is $52.34 and its 200-day moving average is $50.25.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The company had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. During the same period last year, the company earned ($0.24) EPS. IonQ’s revenue for the quarter was up 221.5% compared to the same quarter last year. On average, analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 100,000 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the completion of the sale, the executive owned 432,616 shares in the company, valued at approximately $20,285,364.24. The trade was a 18.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 20,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the completion of the transaction, the director directly owned 60,839 shares in the company, valued at $3,127,124.60. This trade represents a 24.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 125,000 shares of company stock valued at $5,992,000 over the last ninety days. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its holdings in IonQ by 242.4% during the first quarter. Russell Investments Group Ltd. now owns 19,217 shares of the company’s stock worth $424,000 after buying an additional 13,604 shares in the last quarter. Raymond James Financial Inc. lifted its position in shares of IonQ by 4.9% during the first quarter. Raymond James Financial Inc. now owns 270,378 shares of the company’s stock valued at $5,967,000 after purchasing an additional 12,577 shares in the last quarter. Wellington Management Group LLP purchased a new position in IonQ during the first quarter worth about $4,434,000. Kestra Advisory Services LLC increased its stake in IonQ by 38.1% in the 1st quarter. Kestra Advisory Services LLC now owns 57,918 shares of the company’s stock valued at $1,278,000 after buying an additional 15,986 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in shares of IonQ by 25.5% in the 1st quarter. AlphaQuest LLC now owns 4,810 shares of the company’s stock worth $106,000 after buying an additional 977 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

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.