IonQ (NYSE:IONQ) Trading Down 2.5% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 2.5% during trading on Tuesday . The stock traded as low as $26.86 and last traded at $27.16. 19,028,001 shares changed hands during trading, a decline of 59% from the average session volume of 45,963,543 shares. The stock had previously closed at $27.86.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IONQ shares. DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price on the stock. Needham & Company LLC raised their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. The Goldman Sachs Group raised their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Finally, Benchmark raised their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $33.00.

IonQ Stock Up 5.7 %

The stock has a market capitalization of $9.01 billion, a PE ratio of -51.42 and a beta of 2.43. The business’s 50-day moving average is $35.13 and its two-hundred day moving average is $18.23.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) 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 firm’s revenue for the quarter was up 102.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.22) EPS. As a group, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 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 $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,473 shares of company stock worth $2,065,388. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after buying an additional 135,851 shares during the period. Carnegie Investment Counsel bought a new position in shares of IonQ in the third quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in IonQ in the 3rd quarter worth $3,749,000. Rockefeller Capital Management L.P. boosted its holdings in IonQ by 34.2% during the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after acquiring an additional 111,435 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in IonQ during the 3rd quarter valued at approximately $1,631,000. Institutional investors and hedge funds 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.