IonQ (NYSE:IONQ) Stock Price Down 0.6% – Should You Sell?

Shares of IonQ, Inc. (NYSE:IONQ) traded down 0.6% during trading on Thursday . The company traded as low as $11.62 and last traded at $12.23. 6,634,586 shares traded hands during mid-day trading, an increase of 9% from the average session volume of 6,060,747 shares. The stock had previously closed at $12.30.

Wall Street Analysts Forecast Growth

IONQ has been the topic of several recent analyst reports. The Goldman Sachs Group decreased their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Benchmark lowered their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 target price on shares of IonQ in a report on Wednesday, October 2nd. Finally, Craig Hallum lowered their price target on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average target price of $12.00.

IonQ Price Performance

The business’s 50-day simple moving average is $8.06 and its two-hundred day simple moving average is $8.06. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -14.73 and a beta of 2.05.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating 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 the consensus estimate of $8.66 million. IonQ’s revenue for the quarter was up 106.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.16) EPS. Equities research analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current year.

Insider Activity

In other news, CRO Rima Alameddine sold 9,159 shares of the firm’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 completion of the transaction, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently made changes to their positions in the stock. Quest Partners LLC raised its stake in IonQ by 4,824.2% during the second 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 last quarter. Redwood Wealth Management Group LLC bought a new position in shares of IonQ in the 2nd quarter worth about $67,000. nVerses Capital LLC acquired a new position in shares of IonQ in the 3rd quarter valued at about $72,000. Mosley Wealth Management bought a new stake in shares of IonQ during the 2nd quarter valued at about $81,000. Finally, Xponance Inc. acquired a new stake in IonQ during the second quarter worth approximately $88,000. 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.