IonQ (NYSE:IONQ) Stock Price Down 3.8% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) traded down 3.8% during trading on Monday . The company traded as low as $66.97 and last traded at $69.3510. 28,051,067 shares changed hands during trading, an increase of 6% from the average session volume of 26,464,102 shares. The stock had previously closed at $72.07.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. JPMorgan Chase & Co. increased their price target on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Morgan Stanley set a $48.50 price target on IonQ in a report on Thursday, May 7th. Finally, DA Davidson lowered their price target on IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Stock Down 3.8%

The firm has a 50 day moving average price of $43.76 and a two-hundred day moving average price of $43.55. The company has a market capitalization of $25.89 billion, a price-to-earnings ratio of -247.68 and a beta of 3.18.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The business had revenue of $64.67 million for 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%. The firm’s revenue was up 754.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Activity

In other news, insider John W. Raymond sold 2,800 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the transaction, the insider owned 83,963 shares of the company’s stock, valued at approximately $2,799,326.42. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the transaction, the insider directly owned 139,967 shares in the company, valued at $6,984,353.30. The trade was a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several large investors have recently modified their holdings of IONQ. Vanguard Group Inc. lifted its position in shares of IonQ by 18.5% during 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 last quarter. Norges Bank bought a new position in IonQ in the fourth quarter worth about $199,753,000. Marex Group plc lifted its holdings in IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after acquiring an additional 3,296,866 shares during the last quarter. State Street Corp lifted its holdings in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after acquiring an additional 2,663,230 shares during the last quarter. Finally, Clear Street Group Inc. lifted its holdings in IonQ by 219.6% in the fourth quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock worth $143,396,000 after acquiring an additional 2,196,017 shares during the last quarter. Institutional investors 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.