IonQ (NYSE:IONQ) Stock Price Down 0.4% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 0.4% on Thursday . The company traded as low as $42.56 and last traded at $44.42. Approximately 8,641,279 shares changed hands during trading, a decline of 18% from the average daily volume of 10,573,420 shares. The stock had previously closed at $44.58.

Analysts Set New Price Targets

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

IonQ Stock Performance

The firm has a market capitalization of $10.26 billion, a PE ratio of -58.53 and a beta of 2.49. The company has a fifty day simple moving average of $27.68 and a two-hundred day simple moving average of $14.78.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The business had revenue of $12.40 million during 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 company’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.22) EPS. On average, equities analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction dated Wednesday, December 11th. The stock was 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 approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,223 shares of company stock valued at $2,286,983 over the last quarter. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after buying an additional 199,360 shares during the period. State Street Corp boosted its position in IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after purchasing an additional 75,596 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after purchasing an additional 135,851 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of IonQ by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after purchasing an additional 131,439 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of IonQ by 7.2% in the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.