IonQ (NYSE:IONQ) Stock Price Down 2.5% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares dropped 2.5% during trading on Tuesday . The stock traded as low as $26.86 and last traded at $27.16. Approximately 19,028,001 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 45,963,543 shares. The stock had previously closed at $27.86.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC boosted their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark lifted their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. DA Davidson began coverage on IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target for the company. Finally, The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, IonQ has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Price Performance

The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of -35.09 and a beta of 2.43. The business has a 50 day moving average of $34.39 and a 200 day moving average of $17.93.

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

Insider Activity

In other news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 9,875 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 100,348 shares of company stock worth $2,181,123. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after purchasing an additional 480 shares in the last quarter. City State Bank acquired a new stake in IonQ during the 4th quarter worth approximately $36,000. Versant Capital Management Inc raised its holdings in IonQ by 1,348.5% during the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after buying an additional 890 shares during the period. Future Financial Wealth Managment LLC bought a new position in IonQ in the fourth quarter valued at approximately $42,000. Finally, Arizona State Retirement System boosted its holdings in shares of IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after buying an additional 1,731 shares during the period. 41.42% of the stock is owned by institutional investors and hedge funds.

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.