IonQ (NYSE:IONQ) Stock Price Down 5.2% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price fell 5.2% during trading on Monday . The company traded as low as $47.48 and last traded at $49.2650. 21,278,915 shares were traded during trading, a decline of 17% from the average session volume of 25,604,805 shares. The stock had previously closed at $51.95.

Wall Street Analysts Forecast Growth

IONQ has been the topic of a number of analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of IonQ in a research note on Thursday, February 26th. Morgan Stanley set a $48.50 price objective on IonQ in a report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price objective on IonQ in a research note on Thursday, May 7th. JPMorgan Chase & Co. increased their target price on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, Wedbush restated an “outperform” rating and set a $60.00 target price on shares of IonQ in a research report on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, IonQ currently has an average rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Trading Down 5.2%

The firm has a market cap of $18.39 billion, a P/E ratio of -175.95 and a beta of 3.05. The company’s fifty day moving average price is $38.45 and its two-hundred day moving average price is $43.35.

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

Insider Transactions at IonQ

In related news, insider Robert T. Cardillo sold 5,165 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the sale, the insider directly owned 112,291 shares of the company’s stock, valued at $4,428,757.04. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Teuber, Jr. acquired 3,000 shares of the business’s stock in a transaction on Friday, February 27th. The stock was acquired at an average price of $38.38 per share, with a total value of $115,140.00. Following the transaction, the director owned 9,413 shares in the company, valued at approximately $361,270.94. The trade was a 46.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 12,354 shares of company stock valued at $504,428 in the last three months. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Empowered Funds LLC raised its holdings in shares of IonQ by 862.9% in the first quarter. Empowered Funds LLC now owns 47,280 shares of the company’s stock valued at $1,363,000 after buying an additional 42,370 shares during the last quarter. Quantinno Capital Management LP grew its holdings in IonQ by 104.0% during the 1st quarter. Quantinno Capital Management LP now owns 54,884 shares of the company’s stock worth $1,582,000 after acquiring an additional 27,974 shares during the last quarter. SummitTX Capital L.P. acquired a new stake in IonQ in the 1st quarter valued at about $452,000. Weiss Asset Management LP acquired a new stake in IonQ in the 1st quarter valued at about $663,000. Finally, Lombard Odier Asset Management Switzerland SA bought a new position in shares of IonQ in the first quarter worth about $294,000. 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.