IonQ (NYSE:IONQ) Shares Down 4.1% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) was down 4.1% on Thursday . The stock traded as low as $40.33 and last traded at $41.57. Approximately 17,074,970 shares changed hands during trading, a decline of 32% from the average session volume of 25,108,361 shares. The stock had previously closed at $43.36.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IONQ. Weiss Ratings restated a “sell (d+)” rating on shares of IonQ in a research note on Friday, August 7th. Northland Securities upped their price objective on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Benchmark reiterated a “buy” rating and set a $60.00 price target on shares of IonQ in a research report on Thursday, August 6th. JPMorgan Chase & Co. increased their price objective on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Jefferies Financial Group set a $75.00 price target on IonQ in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.92.

IonQ Price Performance

The company’s 50-day moving average is $44.95 and its 200-day moving average is $43.15. The firm has a market capitalization of $15.84 billion, a price-to-earnings ratio of -8.92 and a beta of 3.28.

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

Insider Activity at IonQ

In other news, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the transaction, the director directly owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John W. Raymond sold 3,815 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the sale, the insider owned 80,148 shares of the company’s stock, valued at $4,408,941.48. The trade was a 4.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 9,329 shares of company stock worth $513,216. 0.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bogart Wealth LLC increased its holdings in IonQ by 24.4% in the 1st quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock valued at $37,000 after purchasing an additional 250 shares in the last quarter. Beaird Harris Wealth Management LLC boosted its position in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after buying an additional 270 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after buying an additional 279 shares during the period. ABN Amro Investment Solutions grew its stake in shares of IonQ by 2.5% in the first quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock valued at $355,000 after buying an additional 295 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of IonQ by 26.1% in the second quarter. Versant Capital Management Inc now owns 1,491 shares of the company’s stock valued at $79,000 after buying an additional 309 shares in the last quarter. 41.42% of the stock is 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.