IonQ (NYSE:IONQ) Shares Down 18.6% - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 18.6% on Monday . The stock traded as low as $22.27 and last traded at $23.71. 28,352,066 shares were traded during mid-day trading, an increase of 235% from the average session volume of 8,451,992 shares. The stock had previously closed at $29.14.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Craig Hallum upped their price target on IonQ from $15.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. The Goldman Sachs Group cut their price objective on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. Finally, Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th.

IonQ Price Performance

The firm's 50 day simple moving average is $13.00 and its two-hundred day simple moving average is $9.62. The firm has a market capitalization of $5.30 billion, a P/E ratio of -29.27 and a beta of 1.89.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter last year, the firm posted ($0.22) earnings per share. The business's quarterly revenue was up 102.1% compared to the same quarter last year. As a group, equities research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

In related news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This trade represents a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in IonQ by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company's stock worth $188,062,000 after acquiring an additional 918,265 shares during the last quarter. Carnegie Investment Counsel acquired a new stake in shares of IonQ in the 3rd quarter valued at $5,036,000. SG Americas Securities LLC lifted its holdings in shares of IonQ by 27.3% during the second quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company's stock worth $18,661,000 after purchasing an additional 569,906 shares during the period. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ during the 3rd quarter worth approximately $3,749,000. Finally, Gagnon Securities LLC purchased a new position in shares of IonQ during the first quarter valued at approximately $2,410,000. 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.

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