IonQ (NYSE:IONQ) Shares Down 7.4% – Should You Sell?
by Kim Johansen · The Markets DailyIonQ, Inc. (NYSE:IONQ – Get Free Report)’s share price dropped 7.4% on Friday . The stock traded as low as $45.76 and last traded at $46.1270. Approximately 19,423,272 shares changed hands during trading, a decline of 19% from the average daily volume of 24,099,691 shares. The stock had previously closed at $49.82.
Analysts Set New Price Targets
IONQ has been the topic of a number of recent analyst reports. Zacks Research raised IonQ from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Morgan Stanley increased their price target on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. DA Davidson lifted their price objective on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Benchmark increased their price objective on shares of IonQ from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Finally, Cantor Fitzgerald lifted their target price on shares of IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Nine analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, IonQ currently has a consensus rating of “Hold” and an average price target of $72.08.
Check Out Our Latest Stock Analysis on IonQ
IonQ Price Performance
The business’s 50-day moving average is $52.34 and its 200 day moving average is $50.25. The firm has a market capitalization of $16.03 billion, a P/E ratio of -8.62 and a beta of 2.62.
IonQ (NYSE:IONQ – Get Free Report) last announced its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The business had revenue of $39.87 million for the quarter, compared to analyst estimates of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The business’s revenue for the quarter was up 221.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.24) EPS. Analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.
Insider Transactions at IonQ
In other IonQ news, CRO Rima Alameddine sold 100,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $46.89, for a total value of $4,689,000.00. Following the transaction, the executive directly owned 432,616 shares of the company’s stock, valued at $20,285,364.24. This trade represents a 18.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $55.00, for a total transaction of $275,000.00. Following the completion of the transaction, the director owned 60,839 shares of the company’s stock, valued at $3,346,145. The trade was a 7.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 125,000 shares of company stock valued at $5,992,000. 5.20% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On IonQ
A number of large investors have recently modified their holdings of IONQ. Allworth Financial LP lifted its position in shares of IonQ by 36.1% during the 3rd quarter. Allworth Financial LP now owns 5,971 shares of the company’s stock worth $367,000 after buying an additional 1,585 shares during the last quarter. Swiss Life Asset Management Ltd increased its position in IonQ by 101.4% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 11,925 shares of the company’s stock worth $733,000 after purchasing an additional 6,005 shares in the last quarter. Strategic Advocates LLC lifted its stake in IonQ by 2.9% in the 3rd quarter. Strategic Advocates LLC now owns 49,763 shares of the company’s stock valued at $3,060,000 after purchasing an additional 1,409 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of IonQ by 24.7% during the third quarter. CIBC Private Wealth Group LLC now owns 3,763 shares of the company’s stock worth $231,000 after buying an additional 746 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of IonQ during the third quarter worth $1,814,000. Institutional investors and hedge funds 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. 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.