IonQ (NYSE:IONQ) Trading Down 4.9% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) traded down 4.9% during trading on Tuesday . The stock traded as low as $37.12 and last traded at $36.67. 5,915,377 shares traded hands during trading, a decline of 85% from the average session volume of 39,586,379 shares. The stock had previously closed at $38.54.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target for the company. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum increased their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

IonQ Trading Down 1.7 %

The business has a 50 day moving average price of $38.09 and a 200-day moving average price of $20.54. The company has a market cap of $8.41 billion, a P/E ratio of -48.00 and a beta of 2.43.

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

Insiders Place Their Bets

In related news, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,223 shares of company stock valued at $1,314,652 over the last 90 days. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IONQ. Pathway Financial Advisers LLC bought a new stake in shares of IonQ in the fourth quarter valued at about $26,000. Golden State Wealth Management LLC acquired a new stake in IonQ in the 4th quarter worth about $34,000. City State Bank bought a new stake in IonQ in the 4th quarter valued at about $36,000. Hemington Wealth Management acquired a new position in shares of IonQ during the 4th quarter worth approximately $37,000. Finally, Versant Capital Management Inc increased its holdings in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after purchasing an additional 890 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.