IonQ (NYSE:IONQ) Trading Down 4.5% – Here’s What Happened

Shares of IonQ, Inc. (NYSE:IONQ) traded down 4.5% during mid-day trading on Monday . The company traded as low as $41.51 and last traded at $43.44. 9,170,804 shares changed hands during trading, a decline of 14% from the average session volume of 10,680,643 shares. The stock had previously closed at $45.48.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Needham & Company LLC increased their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. DA Davidson assumed coverage on shares of IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price for the company. Craig Hallum lifted their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the company 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 stock. Based on data from MarketBeat.com, IonQ currently has a consensus rating of “Moderate Buy” and an average price target of $28.60.

IonQ Stock Down 5.7 %

The stock has a market cap of $9.04 billion, a price-to-earnings ratio of -51.57 and a beta of 2.49. The company’s 50-day moving average is $30.16 and its 200-day moving average is $15.87.

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

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,223 shares of company stock valued at $2,286,983. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several large investors have recently made changes to their positions in IONQ. Arete Wealth Advisors LLC acquired a new stake in shares of IonQ during the 3rd quarter worth approximately $91,000. Geode Capital Management LLC grew its holdings in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after acquiring an additional 199,360 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of IonQ during the 3rd quarter valued at $1,631,000. Main Management ETF Advisors LLC acquired a new position in shares of IonQ in the 3rd quarter valued at $1,865,000. Finally, Zacks Investment Management boosted its position in shares of IonQ by 10.0% in the 3rd quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock worth $1,352,000 after purchasing an additional 14,072 shares during the last quarter. 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.