IonQ (NYSE:IONQ) Trading Down 7% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s share price was down 7% during mid-day trading on Monday . The stock traded as low as $34.63 and last traded at $35.32. Approximately 11,449,084 shares traded hands during mid-day trading, an increase of 19% from the average daily volume of 9,582,017 shares. The stock had previously closed at $37.97.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of recent research reports. Craig Hallum increased their price objective on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC increased their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Stock Performance

The company’s 50 day moving average price is $21.29 and its 200 day moving average price is $12.43. The company has a market cap of $7.13 billion, a price-to-earnings ratio of -40.70 and a beta of 2.47.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ’s quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.22) earnings per share. As a group, analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the sale, the executive now owns 638,908 shares of the company’s stock, valued at $7,488,001.76. This represents a 1.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 66,000 shares of company stock worth $972,331 in the last three months. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Large investors have recently modified their holdings of the stock. Quest Partners LLC raised its position in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ during the second quarter worth $67,000. nVerses Capital LLC acquired a new position in shares of IonQ during the third quarter valued at $72,000. Mosley Wealth Management bought a new position in IonQ in the second quarter valued at about $81,000. Finally, Xponance Inc. acquired a new stake in IonQ in the second quarter worth about $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.