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

Key Points

• IonQ's stock price fell by 4.6% to $64.21 amid increased trading volume, reaching up to 27,331,197 shares compared to the average of 23,277,340 shares.
• Analysts have mixed ratings for IonQ, with seven recommending a Buy and five a Hold, resulting in a consensus target price of $58.33.
• IonQ reported a quarterly revenue of $20.69 million, an 81.6% increase year-over-year, but missed the EPS estimate, recording a loss of ($0.70) per share.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded down 4.6% during mid-day trading on Monday . The company traded as low as $63.22 and last traded at $64.21. 27,331,197 shares were traded during trading, an increase of 17% from the average session volume of 23,277,340 shares. The stock had previously closed at $67.28.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wolfe Research assumed coverage on IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating on the stock. Needham & Company LLC raised their price target on shares of IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Rosenblatt Securities restated a "buy" rating and issued a $70.00 price objective on shares of IonQ in a research report on Monday, September 15th. Sanford C. Bernstein started coverage on shares of IonQ in a report on Wednesday, July 30th. They set a "market perform" rating for the company. Finally, DA Davidson cut IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price on the stock. in a research note on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, IonQ presently has an average rating of "Moderate Buy" and a consensus target price of $58.33.

IonQ Stock Down 4.6%

The company's fifty day simple moving average is $47.10 and its 200 day simple moving average is $38.40. The firm has a market capitalization of $19.06 billion, a PE ratio of -31.94 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data 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 return on equity of 67.11% and a negative net margin of 885.21%.The company had revenue of $20.69 million during the quarter, compared to analysts' expectations of $17.23 million. During the same quarter last year, the business earned ($0.18) earnings per share. The business's quarterly revenue was up 81.6% on a year-over-year basis. Equities research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other IonQ news, insider Paul T. Dacier sold 4,175 shares of the firm'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 in the company, valued at $5,081,757.60. This trade represents a 3.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas G. Kramer sold 64,578 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total transaction of $2,700,651.96. Following the completion of the sale, the chief financial officer owned 473,302 shares of the company's stock, valued at $19,793,489.64. This trade represents a 12.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 351,047 shares of company stock valued at $15,645,611 over the last ninety days. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

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

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