IonQ (NYSE:IONQ) Shares Down 1.5% – Should You Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price fell 1.5% on Tuesday. The company traded as low as $43.73 and last traded at $43.8910. 18,661,155 shares were traded during trading, a decline of 25% from the average session volume of 24,750,564 shares. The stock had previously closed at $44.58.

Analyst Ratings Changes

Several research firms have recently issued reports on IONQ. Bank of America assumed coverage on shares of IonQ in a research report on Monday. They issued a “buy” rating and a $60.00 price target on the stock. Mizuho cut their price objective on shares of IonQ from $61.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, September 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Wednesday, September 9th. Jefferies Financial Group reissued a “buy” rating and set a $80.00 target price on shares of IonQ in a report on Wednesday, September 9th. Finally, B. Riley Financial restated a “buy” rating on shares of IonQ in a research report on Wednesday, September 9th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and an average target price of $63.83.

IonQ Trading Up 1.7%

The stock has a fifty day simple moving average of $40.33 and a two-hundred day simple moving average of $44.29. The firm has a market cap of $17.00 billion, a PE ratio of -9.51 and a beta of 3.30.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.23. The firm had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company’s revenue for the quarter was up 286.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.70) earnings per share. As a group, sell-side analysts predict that IonQ, Inc. will post -2.11 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, insider John Raymond sold 2,407 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $37.21, for a total value of $89,564.47. Following the sale, the insider directly owned 77,741 shares in the company, valued at $2,892,742.61. This represents a 3.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IONQ. BlackRock Inc. purchased a new stake in shares of IonQ in the second quarter worth $1,112,945,000. Bank of America Corp DE purchased a new position in IonQ during the second quarter worth about $344,757,000. Norges Bank bought a new position in IonQ in the 4th quarter worth about $199,753,000. Clear Street Group Inc. increased its stake in IonQ by 219.6% in the 4th quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock worth $143,396,000 after acquiring an additional 2,196,017 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of IonQ in the 2nd quarter valued at about $113,863,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

IonQ Company Profile

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may eventually support applications in areas such as optimization, materials science, drug discovery, financial modeling and artificial intelligence.

The company offers access to its quantum processors through cloud platforms, including Amazon Web Services’ Amazon Braket, Microsoft Azure Quantum and Google Cloud.