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

Key Points

• IonQ shares fell 1.7% to about $30.74, with trading volume 31% below the average session volume. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $63.33 price target, although ratings range from “Strong Sell” to targets as high as $80.
• IonQ reported better-than-expected quarterly results, including an EPS loss of $0.33 versus the expected $0.56 loss and revenue of $80.05 million, up 286.7% year over year. However, the company remains deeply unprofitable, with a negative net margin of 553.27%.

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded down 1.7% during mid-day trading on Monday. The stock traded as low as $29.94 and last traded at $30.7410. Approximately 16,938,806 shares were traded during mid-day trading, a decline of 31% from the average session volume of 24,584,449 shares. The stock had previously closed at $31.27.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on IONQ shares. Wedbush reiterated an "outperform" rating and set a $75.00 price target on shares of IonQ in a report on Tuesday, October 13th. Wall Street Zen lowered IonQ from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Jefferies Financial Group reiterated a "buy" rating and issued a $80.00 target price on shares of IonQ in a report on Wednesday, September 9th. B. Riley Financial reissued a "buy" rating on shares of IonQ in a research report on Wednesday, September 9th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $70.00 price target on shares of IonQ in a report on Wednesday, September 9th. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.33.

IonQ Stock Performance

The stock has a market capitalization of $13.20 billion, a P/E ratio of -6.60 and a beta of 3.36. The business has a fifty day simple moving average of $39.35 and a 200-day simple moving average of $44.98.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The business had revenue of $80.05 million for the quarter, compared to analyst estimates of $66.47 million. During the same period in the prior year, the firm earned ($0.70) earnings per share. IonQ's revenue was up 286.7% on a year-over-year basis. On average, sell-side analysts anticipate that IonQ, Inc. will post -2.96 earnings per share for the current year.

Insider Buying and Selling

In other IonQ news, insider John Raymond sold 2,407 shares of the business's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the sale, the insider directly owned 77,741 shares of the company's stock, valued at approximately $2,892,742.61. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.55% of the company's stock.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently modified their holdings of the stock. Archer Investment Corp bought a new position in shares of IonQ during the second quarter valued at about $25,000. EFG International AG bought a new position in shares of IonQ during the 2nd quarter worth approximately $30,000. N.E.W. Advisory Services LLC bought a new position in shares of IonQ during the 2nd quarter worth approximately $42,000. Blueline Advisors LLC bought a new position in shares of IonQ during the 3rd quarter worth approximately $41,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of IonQ by 216.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company's stock worth $28,000 after buying an additional 656 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

About IonQ

IonQ, Inc NYSE: IONQ is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.

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