IonQ (NYSE:IONQ) Trading Down 4.9% – What’s Next?

IonQ, Inc. (NYSE:IONQ) was down 4.9% on Tuesday . The company traded as low as $37.12 and last traded at $36.67. Approximately 5,915,377 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 39,586,379 shares. The stock had previously closed at $38.54.

Analyst Ratings Changes

Several equities analysts recently issued reports on IONQ shares. The Goldman Sachs Group raised their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. 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. DA Davidson assumed coverage on shares of IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Price Performance

The company has a market cap of $8.40 billion, a PE ratio of -47.92 and a beta of 2.43. The business has a 50 day moving average of $37.66 and a 200 day moving average of $20.19.

IonQ (NYSE:IONQ) last posted its 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the prior year, the business posted ($0.22) earnings per share. The company’s revenue for the quarter was up 102.1% on a year-over-year basis. Sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently made changes to their positions in IONQ. Newbridge Financial Services Group Inc. purchased a new position in IonQ during the fourth quarter valued at $94,000. Stephens Inc. AR purchased a new position in shares of IonQ in the 4th quarter worth about $936,000. Entropy Technologies LP bought a new position in IonQ in the 4th quarter worth about $420,000. Wilmington Savings Fund Society FSB purchased a new stake in IonQ during the 4th quarter valued at about $549,000. Finally, Sageworth Trust Co bought a new stake in IonQ during the 4th quarter valued at about $418,000. 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.