IonQ (NYSE:IONQ) Stock Price Down 4.4% – Should You Sell?

IonQ, Inc. (NYSE:IONQ) fell 4.4% during trading on Monday . The company traded as low as $42.20 and last traded at $42.47. 16,773,250 shares were traded during mid-day trading, a decline of 34% from the average session volume of 25,511,771 shares. The stock had previously closed at $44.43.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wedbush assumed coverage on IonQ in a research note on Monday, August 3rd. They issued an “outperform” rating and a $75.00 price target for the company. Morgan Stanley set a $49.00 price objective on IonQ in a research note on Thursday, August 6th. JPMorgan Chase & Co. upped their target price on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $70.00 target price on shares of IonQ in a research report on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of IonQ in a report on Friday. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $69.92.

IonQ Stock Up 4.0%

The firm has a market cap of $16.86 billion, a P/E ratio of -9.69 and a beta of 3.28. The stock’s 50-day simple moving average is $46.87 and its 200 day simple moving average is $43.17.

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 during the quarter, compared to analyst estimates of $66.47 million. IonQ had a negative return on equity of 21.75% and a negative net margin of 553.27%.The business’s quarterly revenue was up 286.7% on a year-over-year basis. During the same period last year, the company posted ($0.70) EPS. On average, research analysts forecast that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IonQ news, Director Kathryn K. Chou sold 2,757 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the sale, the director directly owned 62,608 shares in the company, valued at approximately $3,444,692.16. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the transaction, the director directly owned 11,154 shares in the company, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,329 shares of company stock valued at $513,216 over the last 90 days. Company insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds have recently modified their holdings of the stock. Evolve Private Wealth LLC bought a new position in IonQ during the second quarter worth $611,000. Emerald Investment Advisers LLC bought a new stake in IonQ in the second quarter valued at $2,646,000. Korea Investment CORP bought a new stake in IonQ in the second quarter valued at $7,051,000. Rakuten Securities Inc. acquired a new position in shares of IonQ during the second quarter valued at about $4,195,000. Finally, Ieq Capital LLC acquired a new position in shares of IonQ during the second quarter valued at about $418,000. Institutional investors 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.