IonQ (NYSE:IONQ) Stock Price Down 1.8% - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded down 1.8% during trading on Friday . The company traded as low as $43.22 and last traded at $43.94. 13,345,323 shares traded hands during trading, a decline of 32% from the average session volume of 19,542,918 shares. The stock had previously closed at $44.75.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $50.00 price objective on shares of IonQ in a report on Wednesday, June 11th. Cantor Fitzgerald assumed coverage on shares of IonQ in a research report on Wednesday. They issued an "overweight" rating and a $45.00 price objective for the company. DA Davidson dropped their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Benchmark restated a "buy" rating and issued a $50.00 price target on shares of IonQ in a research note on Wednesday, June 25th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $40.71.

IonQ Stock Down 1.8%

The company's 50-day moving average price is $37.42 and its 200-day moving average price is $34.01. The firm has a market cap of $11.50 billion, a price-to-earnings ratio of -29.49 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. During the same period last year, the company posted ($0.19) EPS. IonQ's quarterly revenue was down .2% compared to the same quarter last year. Analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 65,000 shares of IonQ stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $38.57, for a total value of $2,507,050.00. Following the sale, the executive directly owned 552,592 shares of the company's stock, valued at $21,313,473.44. The trade was a 10.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kathryn K. Chou sold 25,696 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $40.46, for a total value of $1,039,660.16. Following the completion of the transaction, the director directly owned 62,115 shares of the company's stock, valued at approximately $2,513,172.90. This represents a 29.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,972,201 shares of company stock valued at $350,540,009. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in IonQ by 0.6% during the first quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock worth $474,460,000 after buying an additional 123,839 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after acquiring an additional 45,942 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after acquiring an additional 2,293,231 shares during the period. Northern Trust Corp raised its holdings in shares of IonQ by 12.6% during the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after acquiring an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of IonQ by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock valued at $68,740,000 after acquiring an additional 31,638 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

About IonQ

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.