IonQ (NYSE:IONQ) Stock Price Down 4.9%

IonQ, Inc. (NYSE:IONQ) shares traded down 4.9% on Friday . The stock traded as low as $6.33 and last traded at $6.47. 3,555,826 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 5,912,289 shares. The stock had previously closed at $6.80.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of IonQ in a research report on Thursday, May 16th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.50.

IonQ Stock Performance

The firm’s 50-day moving average price is $8.18 and its 200 day moving average price is $10.05. The company has a market cap of $1.43 billion, a price-to-earnings ratio of -8.14 and a beta of 2.11.

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

Insider Transactions at IonQ

In other news, CEO Peter Hume Chapman sold 5,936 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 transaction of $46,835.04. Following the completion of the sale, the chief executive officer now owns 445,297 shares in the company, valued at approximately $3,513,393.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related 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 transaction of $36,372.90. Following the transaction, the chief financial officer now owns 949,614 shares of the company’s stock, valued at approximately $7,492,454.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Hume Chapman sold 5,936 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 $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 disclosure for this sale can be found here. Insiders sold a total of 20,353 shares of company stock worth $160,585 in the last quarter. 11.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IONQ. FNY Investment Advisers LLC boosted its stake in IonQ by 28.0% during the 4th quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company’s stock worth $56,000 after acquiring an additional 990 shares during the last quarter. C M Bidwell & Associates Ltd. lifted its stake in IonQ by 61.2% in the third quarter. C M Bidwell & Associates Ltd. now owns 4,542 shares of the company’s stock valued at $68,000 after buying an additional 1,724 shares in the last quarter. National Bank of Canada FI lifted its stake in IonQ by 26.1% in the fourth quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock valued at $97,000 after buying an additional 1,655 shares in the last quarter. QCM Cayman Ltd. bought a new position in IonQ in the first quarter valued at approximately $120,000. Finally, Prospect Financial Services LLC bought a new position in IonQ in the fourth quarter valued at approximately $124,000. 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.