IonQ (NYSE:IONQ) Stock Price Down 4.6%

IonQ, Inc. (NYSE:IONQ) was down 4.6% on Wednesday . The stock traded as low as $7.18 and last traded at $7.21. Approximately 4,767,558 shares were traded during mid-day trading, an increase of 39% from the average daily volume of 3,436,206 shares. The stock had previously closed at $7.56.

Analysts Set New Price Targets

A number of research firms recently issued reports on IONQ. The Goldman Sachs Group dropped their price objective on IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of IonQ in a research note on Thursday, May 16th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, IonQ currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

IonQ Trading Down 5.8 %

The firm has a market capitalization of $1.44 billion, a P/E ratio of -8.18 and a beta of 2.11. The stock has a 50-day simple moving average of $8.21 and a two-hundred day simple moving average of $10.12.

IonQ (NYSE:IONQ) last released its quarterly earnings data 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 in the previous year, the company posted ($0.14) earnings per share. The firm’s quarterly revenue was up 76.9% on a year-over-year basis. As a group, research analysts expect that IonQ, Inc. will post -0.89 EPS for the current year.

Insider Buying and Selling

In other news, CEO Peter Hume Chapman sold 5,936 shares of IonQ stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total value of $46,835.04. Following the transaction, the chief executive officer now directly owns 445,297 shares in the company, valued at approximately $3,513,393.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other IonQ news, CEO Peter Hume Chapman sold 5,936 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $46,835.04. Following the completion of the sale, the chief executive officer now directly owns 445,297 shares of the company’s stock, valued at $3,513,393.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 9,807 shares of IonQ stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $77,377.23. Following the completion of the transaction, the executive now directly owns 687,840 shares in the company, valued at approximately $5,427,057.60. The disclosure for this sale can be found here. Insiders sold 20,353 shares of company stock valued at $160,585 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of institutional investors have recently made changes to their positions in IONQ. FNY Investment Advisers LLC raised its holdings in shares of IonQ by 28.0% in the fourth quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company’s stock worth $56,000 after buying an additional 990 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares during the period. New York State Common Retirement Fund boosted its holdings in IonQ by 2.2% in the fourth quarter. New York State Common Retirement Fund now owns 66,328 shares of the company’s stock valued at $822,000 after purchasing an additional 1,416 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of IonQ by 6.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 22,736 shares of the company’s stock valued at $282,000 after buying an additional 1,459 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of IonQ by 5.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 28,002 shares of the company’s stock valued at $417,000 after buying an additional 1,554 shares during the period. Institutional investors and hedge funds 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.