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

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) 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 changed hands during trading, a decline of 38% from the average daily volume of 46,557,852 shares. The stock had previously closed at $32.33.

Wall Street Analyst Weigh In

Several research analysts have commented on IONQ shares. The Goldman Sachs Group raised their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday. DA Davidson assumed coverage on shares of IonQ in a research report on Thursday, December 19th. They set a "buy" rating and a $50.00 price objective on the stock. Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. Finally, Needham & Company LLC increased their price objective on IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $33.00.

IonQ Trading Down 13.9 %

The firm's fifty day moving average price is $34.39 and its 200 day moving average price is $17.93. The firm has a market capitalization of $6.03 billion, a PE ratio of -34.38 and a beta of 2.49.

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

Insider Buying and Selling at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares in the company, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,348 shares of company stock worth $2,181,123 over the last ninety days. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in the business. Carnegie Investment Counsel bought a new stake in shares of IonQ in the third quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd acquired a new position in IonQ during the 3rd quarter valued at $3,749,000. Main Management ETF Advisors LLC bought a new stake in IonQ in the 3rd quarter valued at $1,865,000. Geode Capital Management LLC grew its position in IonQ by 4.7% in 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. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of IonQ during the 3rd quarter worth about $1,631,000. 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.