IonQ (NYSE:IONQ) Shares Down 2.1% - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price traded down 2.1% during trading on Monday . The stock traded as low as $10.36 and last traded at $10.44. 5,490,836 shares were traded during trading, a decline of 8% from the average session volume of 5,943,521 shares. The stock had previously closed at $10.66.

Analysts Set New Price Targets

Several equities research analysts have commented on IONQ shares. The Goldman Sachs Group lowered their price objective on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, August 9th. Benchmark cut their price objective on shares of IonQ from $16.00 to $12.00 and set a "buy" rating for the company in a report on Monday, August 12th. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Craig Hallum cut their price target on IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, IonQ presently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

IonQ Price Performance

The company's fifty day simple moving average is $7.89 and its 200-day simple moving average is $8.02. The firm has a market capitalization of $2.29 billion, a PE ratio of -13.06 and a beta of 2.05.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company had revenue of $11.38 million for the quarter, compared to analysts' expectations of $8.66 million. During the same period in the previous year, the firm posted ($0.16) EPS. IonQ's revenue was up 106.4% compared to the same quarter last year. Analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current year.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently modified their holdings of IONQ. Quest Partners LLC increased its holdings in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in IonQ during the second quarter worth about $67,000. Mosley Wealth Management purchased a new position in IonQ during the second quarter worth about $81,000. Xponance Inc. acquired a new position in IonQ in the 2nd quarter valued at about $88,000. Finally, DNB Asset Management AS purchased a new stake in shares of IonQ during the 2nd quarter valued at approximately $117,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.