IonQ (NYSE:IONQ) Shares Down 9.2% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price was down 9.2% during trading on Monday . The stock traded as low as $28.10 and last traded at $29.37. Approximately 29,094,280 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 46,557,852 shares. The stock had previously closed at $32.33.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on IONQ shares. DA Davidson started coverage on IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Benchmark upped 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. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Up 18.2 %

The stock has a market cap of $7.55 billion, a PE ratio of -43.06 and a beta of 2.43. The firm has a 50-day simple moving average of $34.67 and a 200-day simple moving average of $18.09.

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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same quarter last year, the business posted ($0.22) EPS. The company’s quarterly revenue was up 102.1% on a year-over-year basis. On average, research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Rima Alameddine sold 12,000 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $15.72, for a total value of $188,640.00. Following the completion of the transaction, the executive now directly owns 615,533 shares in the company, valued at approximately $9,676,178.76. This represents a 1.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,473 shares of company stock worth $2,065,388. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IONQ. City State Bank bought a new position in IonQ in the fourth quarter valued at $36,000. Versant Capital Management Inc grew its stake in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after buying an additional 890 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of IonQ during the fourth quarter valued at about $42,000. Quest Partners LLC grew its stake in shares of IonQ by 4,824.2% during 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. Finally, GAMMA Investing LLC grew its stake in shares of IonQ by 73.2% during the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after buying an additional 480 shares during the last quarter. Institutional investors 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.