IonQ (NYSE:IONQ) Shares Down 1.2% – Should You Sell?

Shares of IonQ, Inc. (NYSE:IONQ) traded down 1.2% during trading on Tuesday . The company traded as low as $49.06 and last traded at $50.46. 13,854,183 shares changed hands during trading, a decline of 36% from the average session volume of 21,757,223 shares. The stock had previously closed at $51.07.

Analysts Set New Price Targets

Several equities analysts have issued reports on IONQ shares. Craig Hallum upped their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. DA Davidson started coverage on IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Benchmark raised their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.60.

IonQ Price Performance

The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of -37.37 and a beta of 2.43. The business’s fifty day simple moving average is $33.46 and its 200 day simple moving average is $17.36.

IonQ (NYSE:IONQ) last posted its quarterly 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period last year, the company posted ($0.22) earnings per share. The firm’s quarterly revenue was up 102.1% compared to the same quarter last year. Equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,223 shares of company stock worth $2,286,983. 11.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in shares of IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares during the last quarter. State Street Corp increased its position in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after buying an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares during the period. Bank of New York Mellon Corp lifted its position in shares of IonQ by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after buying an additional 131,439 shares during the last quarter. Finally, FMR LLC grew its stake in shares of IonQ by 7.2% during the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after acquiring an additional 41,125 shares during the period. Institutional investors 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.