IonQ (NYSE:IONQ) Trading Down 2.1% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares were down 2.1% during trading on Wednesday . The stock traded as low as $54.46 and last traded at $54.8970. Approximately 19,350,080 shares changed hands during trading, a decline of 27% from the average daily volume of 26,617,104 shares. The stock had previously closed at $56.06.

Analyst Ratings Changes

Several research analysts recently commented on IONQ shares. Needham & Company LLC reduced their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Morgan Stanley set a $48.50 target price on shares of IonQ in a report on Thursday, May 7th. Weiss Ratings upgraded shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. DA Davidson reduced their target price on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, February 26th. Finally, Benchmark reduced their target price on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and a consensus price target of $68.63.

IonQ Stock Down 2.1%

The stock has a market cap of $20.49 billion, a price-to-earnings ratio of -196.06 and a beta of 3.18. The business’s 50 day simple moving average is $51.38 and its 200 day simple moving average is $44.79.

IonQ (NYSE:IONQ) last announced 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%. The business’s revenue was up 754.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) EPS. Equities research analysts forecast that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the sale, the insider owned 139,967 shares in the company, valued at $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

A number of large investors have recently added to or reduced their stakes in IONQ. Ameriflex Group Inc. lifted its stake in IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after acquiring an additional 340 shares during the last quarter. Accent Capital Management LLC raised its position in shares of IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the period. Fortitude Family Office LLC raised its position in shares of IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after purchasing an additional 608 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after purchasing an additional 656 shares during the period. Finally, PeakShares LLC bought a new position in shares of IonQ in the first quarter valued at about $29,000. Institutional investors and hedge funds 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.