IonQ (NYSE:IONQ) Shares Down 6% - Time to Sell?

Key Points

• IonQ's shares fell 6% on Thursday, trading between $66.91 and $69.44 and significantly increasing the trading volume to 44.6 million shares, compared to the average volume of 23.2 million shares.
• Analysts have mixed ratings on IonQ, with DA Davidson downgrading the stock to a "neutral" rating and setting a target price of $35, while Cantor Fitzgerald and Benchmark raised their target prices, indicating a consensus average target of $58.33 for the stock.
• IonQ reported a disappointing earnings result with an EPS of ($0.70), missing analysts' expectations while also achieving an 81.6% increase in quarterly revenue compared to the previous year.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price fell 6% on Thursday . The stock traded as low as $66.91 and last traded at $69.44. 44,611,686 shares traded hands during mid-day trading, an increase of 92% from the average session volume of 23,204,621 shares. The stock had previously closed at $73.86.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IONQ. DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price for the company. in a report on Thursday, August 7th. Sanford C. Bernstein initiated coverage on IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. Cantor Fitzgerald upped their price objective on IonQ from $45.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Benchmark upped their price objective on IonQ from $55.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $70.00 target price on shares of IonQ in a research report on Monday, September 15th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, IonQ presently has an average rating of "Moderate Buy" and a consensus target price of $58.33.

IonQ Stock Performance

The business has a fifty day simple moving average of $46.19 and a 200 day simple moving average of $37.48. The stock has a market cap of $20.61 billion, a price-to-earnings ratio of -34.55 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The company had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. IonQ's quarterly revenue was up 81.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.18) EPS. On average, equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 72,000 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.26, for a total transaction of $3,042,720.00. Following the transaction, the chief financial officer owned 646,516 shares of the company's stock, valued at $27,321,766.16. This represents a 10.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Masi Niccolo De sold 16,120 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $715,728.00. Following the transaction, the chief executive officer directly owned 1,181,186 shares in the company, valued at approximately $52,444,658.40. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 351,047 shares of company stock worth $15,645,611. Company insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Archer Investment Corp raised its position in shares of IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after buying an additional 322 shares during the period. ORG Partners LLC raised its position in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares during the period. Future Financial Wealth Managment LLC raised its position in IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares during the period. Farther Finance Advisors LLC raised its position in IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after purchasing an additional 1,295 shares during the period. Finally, Close Asset Management Ltd acquired a new stake in shares of IonQ during the first quarter valued at about $35,000. 41.42% of the stock is owned by hedge funds and other 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.

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