IonQ (NYSE:IONQ) Stock Price Down 1.2% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) traded down 1.2% on Thursday . The company traded as low as $41.02 and last traded at $41.52. 8,213,609 shares were traded during mid-day trading, a decline of 81% from the average session volume of 44,028,902 shares. The stock had previously closed at $42.04.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC increased their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Benchmark increased their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson began coverage on IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price target for the company. Finally, The Goldman Sachs Group increased their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, IonQ currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Stock Performance

The firm has a market capitalization of $8.75 billion, a PE ratio of -50.09 and a beta of 2.43. The stock has a fifty day moving average price of $36.86 and a 200-day moving average price of $19.43.

IonQ (NYSE:IONQ) last issued 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period in the prior year, the firm posted ($0.22) EPS. The business’s revenue was up 102.1% compared to the same quarter last year. Research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,098 shares of company stock worth $1,720,683 in the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of large investors have recently modified their holdings of the stock. Baader Bank Aktiengesellschaft purchased a new position in IonQ in the fourth quarter valued at $234,000. Smith Group Asset Management LLC purchased a new position in IonQ in the fourth quarter valued at $627,000. BOCHK Asset Management Ltd acquired a new position in IonQ in the fourth quarter valued at $167,000. Kennedy Investment Group acquired a new stake in shares of IonQ during the fourth quarter worth about $343,000. Finally, Perigon Wealth Management LLC acquired a new stake in shares of IonQ during the fourth quarter worth about $360,000. Hedge funds and other 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.