IonQ (NYSE:IONQ) Stock Price Down 1.8% – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 1.8% during mid-day trading on Tuesday . The stock traded as low as $29.70 and last traded at $30.32. Approximately 12,320,089 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 9,122,075 shares. The stock had previously closed at $30.88.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of recent analyst reports. Craig Hallum raised their price target on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group dropped their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Benchmark lifted their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Up 1.7 %

The firm’s 50 day simple moving average is $15.67 and its two-hundred day simple moving average is $10.49. The stock has a market cap of $6.80 billion, a P/E ratio of -37.43 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. 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 firm earned ($0.22) EPS. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. As a group, equities analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the transaction, the executive now owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. The trade was a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 66,000 shares of company stock worth $972,331 over the last 90 days. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of the company. Arete Wealth Advisors LLC acquired a new stake in IonQ in the third quarter worth about $91,000. Geode Capital Management LLC lifted its holdings in IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in IonQ in the third quarter worth about $1,631,000. Main Management ETF Advisors LLC acquired a new stake in IonQ in the third quarter worth about $1,865,000. Finally, Zacks Investment Management lifted its holdings in IonQ by 10.0% in the third quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock worth $1,352,000 after purchasing an additional 14,072 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.