IonQ (NYSE:IONQ) Trading Down 1.4% – Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ) dropped 1.4% during trading on Monday . The stock traded as low as $34.21 and last traded at $34.2960. 16,365,281 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 25,890,668 shares. The stock had previously closed at $34.78.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Weiss Ratings upgraded shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Jefferies Financial Group set a $85.00 target price on shares of IonQ in a research report on Thursday, May 7th. Morgan Stanley set a $48.50 target price on shares of IonQ in a report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.88.

IonQ Stock Down 1.5%

The stock has a 50 day moving average of $53.80 and a 200 day moving average of $44.39. The firm has a market cap of $13.06 billion, a price-to-earnings ratio of -125.16 and a beta of 3.23.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The firm had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The company’s quarterly revenue was up 754.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) earnings per share. As a group, analysts predict that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

Insider Activity

In other IonQ news, Director Gabrielle B. Toledano sold 2,757 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 $151,662.57. Following the sale, the director owned 11,154 shares of the company’s stock, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of IonQ stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the transaction, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. The trade was a 4.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 13,102 shares of company stock valued at $701,489. 0.55% of the stock is owned by insiders.

Institutional Trading of IonQ

Large investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its holdings in shares of IonQ by 12.5% in the first quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after acquiring an additional 14,898 shares during the last quarter. Amundi bought a new stake in shares of IonQ during the 1st quarter valued at approximately $630,000. AQR Capital Management LLC grew its holdings in shares of IonQ by 106.2% during the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock valued at $1,265,000 after purchasing an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in IonQ by 24.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock worth $9,932,000 after purchasing an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth increased its position in IonQ by 30.3% during the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after purchasing an additional 10,881 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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.