IonQ (NYSE:IONQ) Trading Down 4.1% – Here’s Why

IonQ, Inc. (NYSE:IONQ) was down 4.1% during mid-day trading on Tuesday . The stock traded as low as $41.45 and last traded at $42.48. Approximately 6,203,307 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 10,697,669 shares. The stock had previously closed at $44.29.

Wall Street Analyst Weigh In

Several research firms recently commented on IONQ. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson began coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. Craig Hallum raised their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $28.60.

IonQ Trading Down 5.7 %

The firm has a 50 day moving average price of $30.70 and a 200-day moving average price of $16.06. The firm has a market cap of $9.04 billion, a PE ratio of -51.57 and a beta of 2.49.

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

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares of the company’s stock, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,223 shares of company stock worth $2,286,983. Company insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC raised its position in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in IonQ in the 2nd quarter worth approximately $67,000. nVerses Capital LLC acquired a new stake in IonQ in the third quarter valued at approximately $72,000. Mosley Wealth Management acquired a new position in shares of IonQ during the second quarter worth $81,000. Finally, Xponance Inc. purchased a new stake in IonQ during the 2nd quarter worth $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.