IonQ (NYSE:IONQ) Shares Down 4.6% - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) was down 4.6% during mid-day trading on Wednesday . The stock traded as low as $44.65 and last traded at $45.82. Approximately 10,736,658 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 17,542,427 shares. The stock had previously closed at $48.04.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on IONQ shares. Morgan Stanley upped their target price on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Benchmark cut their target price on IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. DA Davidson cut their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Needham & Company LLC cut their target price on IonQ from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus price target of $38.33.

IonQ Trading Down 3.7%

The firm has a 50-day simple moving average of $29.31 and a two-hundred day simple moving average of $32.41. The company has a market capitalization of $10.21 billion, a price-to-earnings ratio of -56.56 and a beta of 2.46.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm's revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm earned ($0.19) EPS. Equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the sale, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at $17,539,550.70. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. The trade was a 82.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently modified their holdings of the company. PDS Planning Inc boosted its stake in shares of IonQ by 2.6% during the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company's stock worth $494,000 after acquiring an additional 300 shares in the last quarter. Mariner LLC lifted its stake in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after buying an additional 350 shares in the last quarter. Allworth Financial LP lifted its stake in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company's stock valued at $116,000 after buying an additional 363 shares in the last quarter. Future Financial Wealth Managment LLC lifted its stake in IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after buying an additional 500 shares in the last quarter. Finally, Miracle Mile Advisors LLC lifted its stake in IonQ by 2.5% in the 1st quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock valued at $452,000 after buying an additional 500 shares in the last quarter. 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.