IonQ (NYSE:IONQ) Trading Down 18.6% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) traded down 18.6% during mid-day trading on Monday . The company traded as low as $22.27 and last traded at $23.71. 28,352,066 shares changed hands during mid-day trading, an increase of 235% from the average session volume of 8,451,992 shares. The stock had previously closed at $29.14.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Craig Hallum raised 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. Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group reduced their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th.

IonQ Price Performance

The business’s 50-day moving average price is $13.79 and its two-hundred day moving average price is $9.87. The company has a market capitalization of $6.03 billion, a P/E ratio of -34.42 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its quarterly earnings data 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 company had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same quarter in the previous year, the business earned ($0.22) earnings per share. The company’s revenue was up 102.1% on a year-over-year basis. Research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 66,000 shares of company stock worth $972,331 over the last ninety days. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC increased its stake in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ during the 2nd quarter worth about $67,000. nVerses Capital LLC acquired a new position in shares of IonQ during the 3rd quarter worth about $72,000. Mosley Wealth Management acquired a new position in shares of IonQ during the 2nd quarter worth about $81,000. Finally, Xponance Inc. acquired a new position in shares of IonQ during the 2nd 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.