IonQ (NYSE:IONQ) Stock Price Down 13.3% – Time to Sell?

IonQ, Inc. (NYSE:IONQ) shares fell 13.3% during mid-day trading on Wednesday . The stock traded as low as $28.04 and last traded at $28.59. 19,287,791 shares changed hands during mid-day trading, an increase of 98% from the average session volume of 9,734,382 shares. The stock had previously closed at $32.97.

Analyst Ratings Changes

Several research analysts have weighed in on IONQ shares. Craig Hallum raised their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark increased their price target on shares of 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 boosted their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Price Performance

The stock has a market cap of $7.32 billion, a P/E ratio of -38.74 and a beta of 2.49. The company has a fifty day moving average of $22.12 and a 200 day moving average of $12.67.

IonQ (NYSE:IONQ) last announced 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). 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 for the quarter, compared to the consensus estimate of $10.56 million. During the same period in the prior year, the business earned ($0.22) EPS. The company’s quarterly revenue was up 102.1% compared to the same quarter last year. As a group, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. The trade was a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Trading of IonQ

Large investors have recently added to or reduced their stakes in the company. Quest Partners LLC lifted its stake in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in IonQ in the 2nd quarter worth approximately $67,000. nVerses Capital LLC acquired a new stake in shares of IonQ during the 3rd quarter valued at $72,000. Mosley Wealth Management purchased a new position in shares of IonQ during the 2nd quarter valued at $81,000. Finally, Xponance Inc. acquired a new position in shares of IonQ in the second quarter worth $88,000. 41.42% of the stock is 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.