IonQ (NYSE:IONQ) Trading Down 1.7% - Should You Sell?

Key Points

• IonQ's stock price fell by 1.7% to close at $73.90, despite a notable increase in trading volume, reflecting a 42% rise from the average session.
• Analysts have given IonQ a consensus rating of "Moderate Buy," with a target price averaging around $58.33, as seven analysts rated it a "Buy" and five a "Hold."
• The company reported a revenue increase of 81.6% year-over-year, though it posted earnings of ($0.70) per share, missing estimates significantly.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded down 1.7% during trading on Wednesday . The stock traded as low as $71.01 and last traded at $73.90. 32,723,299 shares were traded during mid-day trading, an increase of 42% from the average session volume of 23,085,721 shares. The stock had previously closed at $75.14.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Benchmark boosted their target price on shares of IonQ from $55.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. Oppenheimer began coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued an "outperform" rating for the company. Cantor Fitzgerald upped their price objective on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Needham & Company LLC upped their price objective on shares of IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Finally, Wolfe Research began coverage on shares of IonQ in a research report on Wednesday, July 30th. They set a "peer perform" rating for the company. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $58.33.

IonQ Stock Down 1.7%

The firm has a market capitalization of $21.93 billion, a P/E ratio of -36.76 and a beta of 2.54. The company's 50 day moving average is $45.59 and its 200-day moving average is $37.23.

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

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 72,000 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $42.26, for a total value of $3,042,720.00. Following the transaction, the chief financial officer directly owned 646,516 shares of the company's stock, valued at approximately $27,321,766.16. This trade represents a 10.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathryn K. Chou sold 6,789 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $43.14, for a total transaction of $292,877.46. Following the completion of the transaction, the director directly owned 60,839 shares in the company, valued at $2,624,594.46. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 351,047 shares of company stock valued at $15,645,611. Corporate insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in IONQ. Archer Investment Corp raised its holdings in shares of IonQ by 119.3% in the second quarter. Archer Investment Corp now owns 592 shares of the company's stock valued at $25,000 after purchasing an additional 322 shares during the last quarter. ORG Partners LLC raised its holdings in shares of 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 last quarter. Future Financial Wealth Managment LLC increased its holdings in IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after buying an additional 500 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after buying an additional 1,295 shares during the last quarter. Finally, Close Asset Management Ltd purchased a new position in IonQ in the first quarter valued at about $35,000. Hedge funds and other institutional investors 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.

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