IonQ (NYSE:IONQ) Shares Down 3.7% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) shares fell 3.7% on Tuesday . The stock traded as low as $37.59 and last traded at $37.87. 13,977,127 shares were traded during mid-day trading, a decline of 44% from the average session volume of 24,804,627 shares. The stock had previously closed at $39.31.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Benchmark reissued a “buy” rating and issued a $60.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Morgan Stanley set a $49.00 price target on shares of IonQ in a report on Thursday, August 6th. Jefferies Financial Group set a $75.00 price target on IonQ in a research note on Thursday, August 6th. Northland Securities upped their price target on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $70.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.92.

IonQ Trading Up 3.3%

The company’s 50-day moving average price is $41.66 and its two-hundred day moving average price is $43.52. The company has a market cap of $14.82 billion, a P/E ratio of -8.35 and a beta of 3.30.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.23. The firm had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The company’s quarterly revenue was up 286.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.70) EPS. Equities analysts forecast that IonQ, Inc. will post -2.86 earnings per share for the current year.

Insider Activity at IonQ

In other IonQ news, insider John W. Raymond sold 3,815 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $151,662.57. Following the transaction, the director owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 9,329 shares of company stock valued at $513,216. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On IonQ

Large investors have recently added to or reduced their stakes in the business. Archer Investment Corp bought a new stake in IonQ in the 2nd quarter worth approximately $25,000. Beaird Harris Wealth Management LLC lifted its position in shares of IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after buying an additional 270 shares in the last quarter. EFG International AG acquired a new stake in IonQ during the second quarter worth about $30,000. Accent Capital Management LLC raised its holdings in shares of IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new position in IonQ in the 3rd quarter worth $36,000. 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. 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.