IonQ (NYSE:IONQ) Trading Down 3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 3% during trading on Thursday . The company traded as low as $38.46 and last traded at $40.53. Approximately 9,175,397 shares were traded during trading, a decline of 15% from the average daily volume of 10,735,969 shares. The stock had previously closed at $41.77.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IONQ. Needham & Company LLC raised their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark upped their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson assumed coverage on shares of IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective for the company. Finally, Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.60.

IonQ Trading Down 2.8 %

The company has a market cap of $8.79 billion, a price-to-earnings ratio of -50.12 and a beta of 2.49. The stock’s 50-day moving average is $30.70 and its 200-day moving average is $16.06.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period last year, the company earned ($0.22) EPS. As a group, analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently modified their holdings of the business. Quest Partners LLC lifted its position 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 valued at $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 second quarter worth $67,000. nVerses Capital LLC purchased a new stake in shares of IonQ in the 3rd quarter valued at about $72,000. Mosley Wealth Management bought a new stake in IonQ during the second quarter valued at approximately $81,000. Finally, Xponance Inc. purchased a new position in IonQ in the second quarter worth $88,000. 41.42% of the stock is 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.