IonQ (NYSE:IONQ) Stock Price Down 2.2% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s share price dropped 2.2% on Wednesday . The stock traded as low as $34.66 and last traded at $34.7180. Approximately 14,791,013 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 25,772,086 shares. The stock had previously closed at $35.51.

Wall Street Analysts Forecast Growth

IONQ has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of IonQ in a research report on Thursday, June 11th. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Finally, Wedbush reissued an “outperform” rating and issued a $60.00 price target on shares of IonQ in a report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.88.

IonQ Stock Performance

The company has a market capitalization of $12.96 billion, a P/E ratio of -123.99 and a beta of 3.23. The business’s fifty day simple moving average is $53.80 and its 200-day simple moving average is $44.39.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The company had revenue of $64.67 million during the quarter, compared to analysts’ expectations of $49.75 million. During the same quarter in the previous year, the firm earned ($0.14) EPS. The firm’s revenue for the quarter was up 754.7% compared to the same quarter last year. As a group, analysts forecast that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Transactions at IonQ

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares in the company, valued at $6,984,353.30. This trade represents a 2.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the completion of the sale, the insider directly owned 80,148 shares in the company, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,102 shares of company stock valued at $701,489 over the last three months. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Swedbank AB bought a new position in shares of IonQ in the 4th quarter valued at about $2,708,000. Jefferies Financial Group Inc. purchased a new stake in IonQ during the fourth quarter valued at approximately $3,271,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in IonQ by 96.5% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 125,556 shares of the company’s stock valued at $3,620,000 after purchasing an additional 61,656 shares during the period. ProShare Advisors LLC lifted its stake in shares of IonQ by 30.3% in the 4th quarter. ProShare Advisors LLC now owns 62,184 shares of the company’s stock valued at $2,790,000 after purchasing an additional 14,465 shares during the last quarter. Finally, Forsta AP Fonden bought a new stake in shares of IonQ in the 4th quarter valued at approximately $5,488,000. 41.42% of the stock is currently owned by institutional investors.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.