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

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IONQ. Needham & Company LLC upped their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark upped their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum upped their price target on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th.

IonQ Trading Up 1.7 %

The company has a fifty day simple moving average of $15.67 and a 200-day simple moving average of $10.49. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -37.43 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ’s revenue for the quarter was up 102.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.22) EPS. As a group, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the transaction, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its position in IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after purchasing an additional 1,731 shares during the period. Verity Asset Management Inc. boosted its position in IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after purchasing an additional 3,736 shares during the period. HighTower Advisors LLC boosted its position in IonQ by 29.3% during the third quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after purchasing an additional 4,288 shares during the period. Quest Partners LLC boosted its position in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the period. Finally, Principal Financial Group Inc. boosted its position in IonQ by 40.6% during the second quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock worth $188,000 after purchasing an additional 7,744 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.