IonQ (NYSE:IONQ) Stock Price Down 2.5% - Time to Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 2.5% on Tuesday . The stock traded as low as $26.86 and last traded at $27.16. 19,028,001 shares traded hands during trading, a decline of 59% from the average session volume of 45,963,543 shares. The stock had previously closed at $27.86.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, December 20th. The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. DA Davidson assumed coverage on shares of IonQ in a research report on Thursday, December 19th. They issued a "buy" rating and a $50.00 price objective for the company. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC lifted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.00.

IonQ Price Performance

The firm has a market capitalization of $9.01 billion, a P/E ratio of -51.42 and a beta of 2.43. The firm's 50 day moving average is $35.13 and its two-hundred day moving average is $18.23.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly 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 firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same quarter last year, the firm earned ($0.22) earnings per share. The business's revenue for the quarter was up 102.1% compared to the same quarter last year. Analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other 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 transaction of $634,349.01. Following the transaction, the executive now owns 571,321 shares of the company's stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction 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 approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 90,473 shares of company stock worth $2,065,388 over the last 90 days. Insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors have recently modified their holdings of the business. City State Bank purchased a new position in IonQ in the fourth quarter worth $36,000. Versant Capital Management Inc raised its holdings in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company's stock valued at $40,000 after acquiring an additional 890 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in IonQ in the fourth quarter worth about $42,000. GAMMA Investing LLC lifted its stake in shares of IonQ by 73.2% in the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock valued at $47,000 after purchasing an additional 480 shares during the period. Finally, Sugar Maple Asset Management LLC bought a new position in shares of IonQ in the 4th quarter worth about $84,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

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