IonQ (NYSE:IONQ) Stock Price Down 3.6%

IonQ, Inc. (NYSE:IONQ) traded down 3.6% on Tuesday . The company traded as low as $7.18 and last traded at $7.29. 2,510,508 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 5,896,414 shares. The stock had previously closed at $7.56.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IONQ. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of IonQ in a research report on Thursday, May 16th. The Goldman Sachs Group decreased their target price on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.50.

IonQ Trading Down 4.0 %

The stock has a 50 day moving average price of $8.28 and a 200 day moving average price of $10.21. The company has a market cap of $1.54 billion, a PE ratio of -8.78 and a beta of 2.11.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.07. IonQ had a negative return on equity of 31.76% and a negative net margin of 671.00%. The firm had revenue of $7.58 million during the quarter, compared to the consensus estimate of $7.08 million. During the same period last year, the company earned ($0.14) earnings per share. The company’s revenue was up 76.9% on a year-over-year basis. Equities analysts expect that IonQ, Inc. will post -0.89 EPS for the current fiscal year.

Insider Activity

In other news, CFO Thomas G. Kramer sold 4,610 shares of IonQ stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $36,372.90. Following the completion of the sale, the chief financial officer now directly owns 949,614 shares in the company, valued at $7,492,454.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other IonQ news, CRO Rima Alameddine sold 9,807 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $77,377.23. Following the completion of the sale, the executive now directly owns 687,840 shares of the company’s stock, valued at $5,427,057.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 4,610 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $36,372.90. Following the sale, the chief financial officer now directly owns 949,614 shares of the company’s stock, valued at approximately $7,492,454.46. The disclosure for this sale can be found here. Insiders have sold a total of 20,353 shares of company stock worth $160,585 over the last 90 days. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of IonQ during the 4th quarter valued at about $26,430,000. SG Americas Securities LLC increased its position in IonQ by 1,598.7% in the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock worth $20,825,000 after purchasing an additional 1,961,909 shares during the last quarter. Vanguard Group Inc. lifted its position in IonQ by 5.1% during the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after purchasing an additional 918,265 shares during the last quarter. Invesco Ltd. increased its holdings in shares of IonQ by 282.9% in the 3rd quarter. Invesco Ltd. now owns 453,221 shares of the company’s stock worth $6,744,000 after buying an additional 334,856 shares during the last quarter. Finally, Gagnon Securities LLC purchased a new stake in shares of IonQ during the 1st quarter valued at about $2,410,000. Hedge funds and other institutional investors 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.