IonQ (NYSE:IONQ) Shares Down 2.2% - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 2.2% during trading on Thursday . The company traded as low as $43.22 and last traded at $43.76. 8,230,218 shares traded hands during trading, a decline of 58% from the average session volume of 19,455,381 shares. The stock had previously closed at $44.75.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IONQ. Cantor Fitzgerald began coverage on IonQ in a research report on Wednesday. They set an "overweight" rating and a $45.00 price target on the stock. DA Davidson dropped their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Needham & Company LLC reissued a "buy" rating and set a $50.00 price objective on shares of IonQ in a report on Wednesday, June 11th. Morgan Stanley increased their price objective on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Finally, Benchmark reissued a "buy" rating and set a $50.00 price objective on shares of IonQ in a report 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.71.

IonQ Trading Down 1.8%

The firm has a fifty day simple moving average of $37.42 and a two-hundred day simple moving average of $34.01. The stock has a market cap of $11.50 billion, a PE ratio of -29.49 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The business 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 earned ($0.19) EPS. IonQ's revenue for the quarter was down .2% compared to the same quarter last year. Equities analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other news, insider Peter Hume Chapman sold 1,497,311 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $39.93, for a total value of $59,787,628.23. Following the completion of the transaction, the insider owned 390,329 shares in the company, valued at $15,585,836.97. This trade represents a 79.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wendy Thomas sold 16,696 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $39.43, for a total value of $658,323.28. Following the completion of the transaction, the director owned 61,145 shares of the company's stock, valued at approximately $2,410,947.35. The trade was a 21.45% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,972,201 shares of company stock worth $350,540,009. Corporate insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IONQ. ORG Partners LLC increased its holdings in shares of IonQ by 348.0% in the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after purchasing an additional 870 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after purchasing an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new stake in IonQ during the fourth quarter valued at about $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ in the fourth quarter worth about $33,000. Finally, Future Financial Wealth Managment LLC boosted its stake in shares of IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 41.42% of the company's stock.

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.