IonQ (NYSE:IONQ) Stock Price Down 0.4% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was down 0.4% during trading on Wednesday . The stock traded as low as $39.65 and last traded at $41.71. Approximately 6,411,972 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 33,410,809 shares. The stock had previously closed at $41.86.

Wall Street Analyst Weigh In

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

IonQ Price Performance

The firm’s 50 day moving average price is $38.81 and its 200 day moving average price is $21.53. The stock has a market capitalization of $9.20 billion, a P/E ratio of -52.51 and a beta of 2.41.

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

Insider Activity

In other news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock worth $1,314,652 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Geode Capital Management LLC grew its position in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares during the last quarter. State Street Corp grew its holdings in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after purchasing an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after purchasing an additional 135,851 shares in the last quarter. Bank of New York Mellon Corp increased its position in IonQ by 28.0% during the 4th quarter. Bank of New York Mellon Corp now owns 905,545 shares of the company’s stock valued at $37,825,000 after buying an additional 198,129 shares in the last quarter. Finally, Chevy Chase Trust Holdings LLC purchased a new stake in IonQ in the fourth quarter valued at about $32,060,000. Institutional investors own 41.42% of the company’s stock.

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.