IonQ (NYSE:IONQ) Shares Gap Down to $7.37

IonQ, Inc. (NYSE:IONQ) shares gapped down before the market opened on Friday . The stock had previously closed at $7.37, but opened at $7.21. IonQ shares last traded at $7.25, with a volume of 654,202 shares.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IONQ. The Goldman Sachs Group cut their price objective on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a 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 note on Thursday, February 29th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

IonQ Trading Down 2.6 %

The company has a 50-day moving average price of $9.74 and a two-hundred day moving average price of $11.47.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.03. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. The firm had revenue of $6.11 million for the quarter, compared to analysts’ expectations of $5.70 million. On average, sell-side analysts predict that IonQ, Inc. will post -1.24 EPS for the current year.

Insider Activity

In related news, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $104,244.00. Following the sale, the chief technology officer now directly owns 6,619,941 shares of the company’s stock, valued at $67,523,398.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Thomas G. Kramer sold 19,672 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $200,654.40. Following the sale, the chief financial officer now owns 954,224 shares in the company, valued at approximately $9,733,084.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $104,244.00. Following the sale, the chief technology officer now owns 6,619,941 shares in the company, valued at approximately $67,523,398.20. The disclosure for this sale can be found here. Insiders have sold a total of 86,556 shares of company stock worth $882,871 over the last ninety days. Company insiders own 13.00% of the company’s stock.

Institutional Trading of IonQ

Several institutional investors and hedge funds have recently made changes to their positions in IONQ. Softbank Group CORP. purchased a new stake in shares of IonQ during the 1st quarter valued at $37,753,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of IonQ in the fourth quarter worth approximately $67,421,000. BlackRock Inc. grew its stake in shares of IonQ by 30.2% in the second quarter. BlackRock Inc. now owns 11,291,831 shares of the company’s stock worth $152,778,000 after acquiring an additional 2,619,268 shares during the period. Norges Bank bought a new stake in shares of IonQ in the fourth quarter worth approximately $26,430,000. Finally, State Street Corp grew its position in IonQ by 485.5% during the second quarter. State Street Corp now owns 2,197,266 shares of the company’s stock valued at $9,624,000 after buying an additional 1,821,999 shares during the period. Hedge funds and other 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.