IonQ (NYSE:IONQ) Shares Down 13.2% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 13.2% during mid-day trading on Friday . The company traded as low as $55.84 and last traded at $56.9870. 31,539,456 shares were traded during trading, an increase of 18% from the average session volume of 26,692,986 shares. The stock had previously closed at $65.66.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on IONQ. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IonQ in a research note on Monday, February 9th. Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Benchmark decreased their price target on shares of IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Northland Securities began coverage on IonQ in a report on Monday, April 20th. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Jefferies Financial Group set a $85.00 price objective on IonQ in a research report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.63.

IonQ Price Performance

The firm’s fifty day moving average is $46.67 and its 200 day moving average is $44.09. The firm has a market capitalization of $21.27 billion, a price-to-earnings ratio of -203.53 and a beta of 3.18.

IonQ (NYSE:IONQ) last announced its 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). The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business’s revenue was up 754.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.14) EPS. Equities research analysts forecast that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

Insider Activity at IonQ

In other news, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction 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 sale, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several large investors have recently bought and sold shares of the stock. NewEdge Advisors LLC grew its position in IonQ by 7.0% in the 1st quarter. NewEdge Advisors LLC now owns 24,747 shares of the company’s stock worth $713,000 after purchasing an additional 1,612 shares during the last quarter. Asset Dedication LLC raised its position in shares of IonQ by 1,556.8% during the first quarter. Asset Dedication LLC now owns 2,071 shares of the company’s stock valued at $60,000 after buying an additional 1,946 shares during the last quarter. Cim Investment Management Inc. bought a new stake in shares of IonQ in the first quarter valued at about $481,000. JTC Employer Solutions Trustee Ltd grew its position in IonQ by 62.8% during the first quarter. JTC Employer Solutions Trustee Ltd now owns 10,372 shares of the company’s stock worth $299,000 after buying an additional 4,000 shares in the last quarter. Finally, Encore Global Management LP bought a new position in IonQ during the first quarter valued at about $577,000. 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. 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.