IonQ (NYSE:IONQ) Trading Down 3.1% - Should You Sell?

Key Points

• IonQ's stock price dropped 3.1% to close at $67.29, with a trading volume significantly higher than the average.
• Analysts are optimistic about IonQ, with multiple firms raising their price targets, indicating a potential for growth as the average target price is set at $58.33.
• The company reported a revenue increase of 81.6% year-over-year, although it missed EPS estimates, highlighting ongoing financial challenges.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price fell 3.1% during trading on Friday . The stock traded as low as $65.33 and last traded at $67.29. 31,975,208 shares were traded during trading, an increase of 38% from the average session volume of 23,254,252 shares. The stock had previously closed at $69.43.

Wall Street Analysts Forecast Growth

IONQ has been the topic of a number of analyst reports. Cantor Fitzgerald increased their price objective on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Needham & Company LLC upped their target price 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. B. Riley lifted their price target on IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a report on Monday. Wolfe Research started coverage on IonQ in a research report on Wednesday, July 30th. They set a "peer perform" rating for the company. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $70.00 price objective on shares of IonQ in a report on Monday, September 15th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $58.33.

IonQ Stock Performance

The business's 50 day moving average price is $46.68 and its two-hundred day moving average price is $37.83. The company has a market capitalization of $19.97 billion, a price-to-earnings ratio of -33.48 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 the consensus estimate of ($0.13) by ($0.57). The firm 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%.IonQ's revenue for the quarter was up 81.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.18) EPS. On average, sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other IonQ news, insider Paul T. Dacier sold 4,175 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $185,370.00. Following the completion of the sale, the insider directly owned 114,454 shares of the company's stock, valued at approximately $5,081,757.60. This represents a 3.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the transaction, the chief executive officer directly owned 1,181,186 shares in the company, valued at $52,444,658.40. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 351,047 shares of company stock valued at $15,645,611 in the last quarter. 5.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IONQ. Modus Advisors LLC acquired a new position in shares of IonQ in the 2nd quarter worth $219,000. GAMMA Investing LLC increased its stake in IonQ by 4,683.1% in the 1st quarter. GAMMA Investing LLC now owns 54,336 shares of the company's stock worth $1,199,000 after purchasing an additional 53,200 shares in the last quarter. Rhumbline Advisers increased its stake in IonQ by 6.6% in the 1st quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock worth $7,149,000 after purchasing an additional 20,127 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in IonQ by 54.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,735 shares of the company's stock worth $203,000 after buying an additional 3,068 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its stake in IonQ by 15.7% during the first quarter. Stratos Wealth Partners LTD. now owns 20,740 shares of the company's stock valued at $458,000 after buying an additional 2,814 shares in the last quarter. 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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