IonQ (NYSE:IONQ) Shares Down 4.1% - Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 4.1% during mid-day trading on Tuesday . The stock traded as low as $27.97 and last traded at $28.61. 5,008,629 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 16,214,631 shares. The stock had previously closed at $29.82.

Analyst Ratings Changes

Several analysts recently commented on the company. Morgan Stanley raised their target price on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday. The Goldman Sachs Group lifted their target price on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. DA Davidson lowered their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Benchmark dropped their price target on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, Needham & Company LLC decreased their price objective on shares of IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.33.

IonQ Stock Down 2.0 %

The firm has a market cap of $6.95 billion, a price-to-earnings ratio of -38.53 and a beta of 2.46. The company's 50-day moving average price is $24.91 and its 200-day moving average price is $30.47.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. IonQ's quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.19) EPS. Analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the transaction, the insider now directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 11,712 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now owns 944,510 shares of the company's stock, valued at $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Corporate insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CenterBook Partners LP purchased a new position in shares of IonQ during the 1st quarter worth $1,422,000. Gagnon Securities LLC raised its stake in IonQ by 1,831.8% during the first quarter. Gagnon Securities LLC now owns 111,348 shares of the company's stock worth $2,457,000 after purchasing an additional 105,584 shares during the period. Deutsche Bank AG boosted its holdings in IonQ by 255.8% in the 1st quarter. Deutsche Bank AG now owns 761,066 shares of the company's stock valued at $16,797,000 after purchasing an additional 547,155 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of IonQ by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock valued at $474,460,000 after buying an additional 123,839 shares during the period. Finally, Atria Wealth Solutions Inc. acquired a new stake in shares of IonQ during the 1st quarter worth approximately $284,000. 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.