IonQ (NYSE:IONQ) Stock Price Down 9.2% - Time to Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price dropped 9.2% during trading on Monday . The company traded as low as $28.10 and last traded at $29.37. Approximately 29,094,280 shares were traded during trading, a decline of 38% from the average daily volume of 46,557,852 shares. The stock had previously closed at $32.33.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Craig Hallum lifted their price target on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They set a "buy" rating and a $50.00 price target on the stock. Benchmark upped 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. 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 report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and an average target price of $33.00.

IonQ Stock Performance

The firm's 50 day moving average is $34.67 and its 200 day moving average is $18.09. The stock has a market cap of $8.50 billion, a P/E ratio of -48.51 and a beta of 2.43.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to analysts' expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business'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 posted ($0.22) EPS. As a group, analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas G. Kramer sold 9,780 shares of the firm's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the business's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,473 shares of company stock valued at $2,065,388. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock worth $14,107,000 after purchasing an additional 135,851 shares during the period. Carnegie Investment Counsel acquired a new stake in IonQ during the third quarter worth about $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in IonQ during the third quarter valued at approximately $3,749,000. Rockefeller Capital Management L.P. lifted its holdings in IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company's stock valued at $3,825,000 after acquiring an additional 111,435 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in IonQ in the third quarter valued at approximately $1,631,000. Institutional investors and hedge funds own 41.42% of the company's stock.

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.