IonQ (NYSE:IONQ) Trading Down 3% - Time to Sell?

Key Points

• IonQ's stock price dropped by 3% to $35.69, with trading volume decreasing significantly to 8.37 million shares compared to an average of 22.75 million.
• Analysts hold a consensus rating of "Moderate Buy" for IonQ, with six analysts recommending buy and an average target price of $45.00.
• The company reported a loss of $0.70 EPS for the latest quarter, falling short of analyst expectations, despite an 81.6% year-over-year revenue increase to $20.69 million.

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares dropped 3% on Wednesday . The company traded as low as $34.77 and last traded at $35.69. Approximately 8,374,309 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 22,748,820 shares. The stock had previously closed at $36.80.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of research analyst reports. DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price for the company. in a research report on Thursday, August 7th. Needham & Company LLC reaffirmed a "buy" rating on shares of IonQ in a report on Monday, August 4th. Cantor Fitzgerald started coverage on IonQ in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price target on the stock. Rosenblatt Securities started coverage on IonQ in a report on Tuesday, July 29th. They issued a "buy" rating and a $70.00 price target on the stock. Finally, Morgan Stanley upped their price target on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $45.00.

IonQ Trading Down 0.3%

The firm's fifty day moving average price is $41.66 and its 200 day moving average price is $34.36. The firm has a market capitalization of $10.89 billion, a PE ratio of -18.22 and a beta of 2.54.

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

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 65,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $38.57, for a total value of $2,507,050.00. Following the completion of the sale, the executive directly owned 552,592 shares in the company, valued at approximately $21,313,473.44. This represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas G. Kramer sold 216,000 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $38.11, for a total transaction of $8,231,760.00. Following the completion of the sale, the chief financial officer owned 718,516 shares of the company's stock, valued at $27,382,644.76. This represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,209,626 shares of company stock valued at $361,253,723. Insiders own 5.20% of the company's stock.

Institutional Investors Weigh In On IonQ

Large investors have recently bought and sold shares of the business. Archer Investment Corp boosted its holdings in IonQ by 119.3% in the second quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after purchasing an additional 322 shares in the last quarter. ORG Partners LLC boosted its holdings in IonQ by 348.0% in the first 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. Measured Risk Portfolios Inc. bought a new stake in IonQ in the fourth quarter worth $27,000. TD Waterhouse Canada Inc. bought a new stake in IonQ during the fourth quarter valued at about $33,000. Finally, Future Financial Wealth Managment LLC boosted 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 valued at $33,000 after acquiring an additional 500 shares during the period. 41.42% of the stock is currently owned by 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.

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