IonQ (NYSE:IONQ) Shares Down 3% - Time to Sell?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 3% on Tuesday . The stock traded as low as $13.89 and last traded at $14.32. 8,405,142 shares changed hands during trading, an increase of 33% from the average session volume of 6,300,821 shares. The stock had previously closed at $14.76.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Benchmark lowered their price target on 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 restated a "buy" rating and set a $13.00 target price on shares of IonQ in a report on Wednesday, October 2nd. The Goldman Sachs Group reduced their price target on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating for the company in a report on Friday, August 9th. Finally, Craig Hallum dropped their price objective on shares of IonQ from $21.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, IonQ has an average rating of "Moderate Buy" and a consensus price target of $12.00.

IonQ Stock Performance

The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -18.07 and a beta of 2.05. The business has a 50-day simple moving average of $8.61 and a two-hundred day simple moving average of $8.17.

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

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares of the company's stock, valued at approximately $6,954,953.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 31,125 shares of company stock worth $377,660 in the last 90 days. Corporate insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently bought and sold shares of the business. Oppenheimer & Co. Inc. increased its holdings in shares of IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company's stock worth $365,000 after acquiring an additional 1,400 shares during the last quarter. Arizona State Retirement System raised its position in shares of IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company's stock valued at $348,000 after purchasing an additional 1,731 shares during the period. ProShare Advisors LLC raised its position in shares of IonQ by 10.5% in the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company's stock valued at $294,000 after purchasing an additional 2,805 shares during the period. Quest Partners LLC boosted its holdings in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after buying an additional 6,368 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of IonQ by 40.6% during the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company's stock worth $188,000 after buying an additional 7,744 shares during the period. Institutional investors 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.