IonQ (NYSE:IONQ) Trading Down 7.2% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) dropped 7.2% during trading on Tuesday . The company traded as low as $44.02 and last traded at $45.3430. 18,604,444 shares were traded during trading, a decline of 29% from the average session volume of 26,370,463 shares. The stock had previously closed at $48.87.

Wall Street Analyst Weigh In

A number of research firms recently commented on IONQ. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of IonQ in a research note on Thursday, June 11th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a report on Monday, May 4th. JPMorgan Chase & Co. raised their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Jefferies Financial Group set a $85.00 price target on IonQ in a report on Thursday, May 7th. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.88.

IonQ Stock Performance

The stock has a market cap of $16.90 billion, a price-to-earnings ratio of -161.78 and a beta of 3.23. The company’s 50 day simple moving average is $55.76 and its 200 day simple moving average is $45.04.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The company 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%. IonQ’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. Sell-side analysts predict that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Activity

In other IonQ news, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the transaction, the insider directly owned 80,148 shares in the company, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their position. The transaction 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 IonQ stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the sale, the insider owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. This represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,102 shares of company stock worth $701,489 in the last quarter. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IONQ. Ameriflex Group Inc. boosted its position 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 buying an additional 340 shares in the last quarter. Accent Capital Management LLC lifted its position in IonQ by 171.8% during the 4th 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 boosted its stake in 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 acquiring an additional 608 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of IonQ by 216.5% during the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after purchasing an additional 656 shares during the period. Finally, PeakShares LLC acquired a new stake in shares of IonQ in the 1st quarter valued at approximately $29,000. 41.42% of the stock is owned by institutional investors.

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.