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

IonQ, Inc. (NYSE:IONQ)’s share price was down 1.8% during trading on Friday . The company traded as low as $43.22 and last traded at $43.94. Approximately 13,345,323 shares were traded during trading, a decline of 32% from the average daily volume of 19,542,918 shares. The stock had previously closed at $44.75.

Analysts Set New Price Targets

A number of equities analysts recently commented on IONQ shares. Morgan Stanley upped their target price on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of IonQ in a report on Wednesday, June 11th. Cantor Fitzgerald started coverage on IonQ in a report on Wednesday. They issued an “overweight” rating and a $45.00 price objective for the company. DA Davidson decreased their price objective on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Benchmark reiterated a “buy” rating and issued a $50.00 price objective on shares of IonQ in a report on Wednesday, June 25th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and an average target price of $40.71.

IonQ Stock Down 1.8%

The business has a fifty day simple moving average of $37.72 and a 200-day simple moving average of $33.99. The firm has a market cap of $11.50 billion, a P/E ratio of -29.49 and a beta of 2.55.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The firm had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. During the same period last year, the company earned ($0.19) earnings per share. The company’s revenue was down .2% on a year-over-year basis. On average, sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In other news, Director Kathryn K. Chou sold 25,696 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $40.46, for a total transaction of $1,039,660.16. Following the completion of the transaction, the director directly owned 62,115 shares in the company, valued at $2,513,172.90. This trade represents a 29.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Hume Chapman sold 3,581,193 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.13, for a total value of $136,550,889.09. Following the transaction, the insider owned 390,329 shares of the company’s stock, valued at $14,883,244.77. The trade was a 90.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,972,201 shares of company stock valued at $350,540,009. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors and hedge funds have recently modified their holdings of IONQ. Bank of New York Mellon Corp increased its holdings in IonQ by 28.0% in the 4th quarter. Bank of New York Mellon Corp now owns 905,545 shares of the company’s stock worth $37,825,000 after buying an additional 198,129 shares in the last quarter. US Bancorp DE increased its holdings in IonQ by 219.5% in the 4th quarter. US Bancorp DE now owns 5,112 shares of the company’s stock worth $214,000 after buying an additional 3,512 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after buying an additional 501 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in IonQ by 1,096.0% in the 4th quarter. Jones Financial Companies Lllp now owns 5,322 shares of the company’s stock worth $222,000 after buying an additional 4,877 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in IonQ by 368.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 9,373 shares of the company’s stock worth $392,000 after buying an additional 7,373 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.

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.