IonQ (NYSE:IONQ) Trading Down 4.1% – Time to Sell?
by Jessica Moore · The Cerbat GemIonQ, Inc. (NYSE:IONQ – Get Free Report)’s share price dropped 4.1% on Friday . The company traded as low as $46.60 and last traded at $47.3180. Approximately 14,561,964 shares changed hands during trading, a decline of 22% from the average daily volume of 18,646,221 shares. The stock had previously closed at $49.33.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of IonQ in a research note on Thursday, November 20th. They set a “neutral” rating and a $47.00 target price for the company. DA Davidson increased their target price on IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Wedbush started coverage on IonQ in a research note on Wednesday, December 17th. They set an “outperform” rating and a $60.00 price target for the company. Zacks Research upgraded shares of IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Mizuho assumed coverage on shares of IonQ in a research report on Thursday, December 11th. They set an “outperform” rating and a $90.00 target price for the company. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $75.91.
Get Our Latest Stock Analysis on IONQ
IonQ Trading Down 4.1%
The company has a market capitalization of $16.44 billion, a P/E ratio of -8.84 and a beta of 2.63. The stock has a 50 day moving average of $48.74 and a 200-day moving average of $51.43.
IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The firm had revenue of $39.87 million for the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. IonQ’s revenue for the quarter was up 221.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.24) EPS. As a group, sell-side analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CRO Rima Alameddine sold 100,000 shares of IonQ stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the sale, the executive owned 432,616 shares of the company’s stock, valued at approximately $20,285,364.24. This trade represents a 18.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $55.00, for a total value of $275,000.00. Following the completion of the transaction, the director directly owned 60,839 shares in the company, valued at approximately $3,346,145. This represents a 7.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 125,000 shares of company stock worth $5,992,000. 5.20% of the stock is owned by corporate insiders.
Institutional Trading of IonQ
Institutional investors and hedge funds have recently bought and sold shares of the stock. Archer Investment Corp grew its position in shares of IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares in the last quarter. Stone House Investment Management LLC grew its holdings in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after buying an additional 350 shares in the last quarter. Ameriflex Group Inc. increased its stake in IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after acquiring an additional 340 shares during the last quarter. Hilltop National Bank raised its holdings in shares of IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after acquiring an additional 225 shares in the last quarter. Finally, Fortitude Family Office LLC boosted its position in shares of IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after acquiring an additional 608 shares during the last quarter. 41.42% of the stock is currently owned by 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.