IonQ (NYSE:IONQ) Stock Price Down 1% – Should You Sell?

Shares of IonQ, Inc. (NYSE:IONQ) dropped 1% during trading on Thursday . The stock traded as low as $39.18 and last traded at $39.14. 5,978,255 shares were traded during trading, a decline of 84% from the average session volume of 36,947,098 shares. The stock had previously closed at $39.54.

Analyst Ratings Changes

Several research analysts have recently weighed in on IONQ shares. The Goldman Sachs Group upped their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. DA Davidson started coverage on IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective for the company. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Craig Hallum raised their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Price Performance

The company’s 50-day simple moving average is $38.09 and its 200-day simple moving average is $20.54. The stock has a market capitalization of $8.41 billion, a P/E ratio of -48.00 and a beta of 2.43.

IonQ (NYSE:IONQ) last posted 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 business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter in the previous year, the business posted ($0.22) EPS. The company’s revenue for the quarter was up 102.1% on a year-over-year basis. On average, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the transaction, the executive now owns 571,321 shares in the company, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 over the last ninety days. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently bought and sold shares of IONQ. Chevy Chase Trust Holdings LLC bought a new position in shares of IonQ during the fourth quarter worth approximately $32,060,000. Carnegie Investment Counsel acquired a new stake in IonQ during the third quarter worth approximately $5,036,000. Capital Advisors Inc. OK bought a new position in IonQ during the 4th quarter worth $18,976,000. UNICOM Systems Inc. bought a new stake in shares of IonQ during the 4th quarter valued at $18,106,000. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ during the 3rd quarter worth $3,749,000. Institutional investors and hedge funds 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.