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

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IONQ. Northland Securities began coverage on shares of IonQ in a research note on Monday, April 20th. They issued an “outperform” rating and a $55.00 target price for the company. Needham & Company LLC dropped their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday. Wedbush reissued an “outperform” rating and set a $60.00 price target on shares of IonQ in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. boosted 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. 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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 stock’s fifty day moving average is $51.38 and its 200-day moving average is $44.79.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The firm 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 for the quarter was up 754.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.14) EPS. As a group, equities research analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In related news, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Clear Street Group Inc. acquired a new position in shares of IonQ in the third quarter valued at approximately $61,488,000. Swedbank AB acquired a new position in shares of IonQ in the fourth quarter valued at approximately $2,708,000. Jefferies Financial Group Inc. acquired a new position in shares of IonQ in the fourth quarter valued at approximately $3,271,000. ProShare Advisors LLC boosted its holdings in shares of IonQ by 30.3% in the fourth quarter. ProShare Advisors LLC now owns 62,184 shares of the company’s stock valued at $2,790,000 after buying an additional 14,465 shares during the period. Finally, Forsta AP Fonden acquired a new position in shares of IonQ in the fourth quarter valued at approximately $5,488,000. 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.