IonQ (NYSE:IONQ) Trading Down 8.6% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was down 8.6% during mid-day trading on Wednesday . The stock traded as low as $41.88 and last traded at $41.40. Approximately 12,981,518 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 45,737,039 shares. The stock had previously closed at $45.31.

Analyst Ratings Changes

Several brokerages have commented on IONQ. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. The Goldman Sachs Group boosted their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, DA Davidson initiated coverage on IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price on the stock. One equities 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 has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Trading Down 1.2 %

The stock has a market cap of $8.84 billion, a price-to-earnings ratio of -50.44 and a beta of 2.43. The stock’s 50-day moving average is $37.16 and its 200-day moving average is $19.58.

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 the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period last year, the business earned ($0.22) EPS. The firm’s revenue was up 102.1% compared to the same quarter last year. On average, equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now owns 414,363 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the transaction, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,098 shares of company stock worth $1,720,683 in the last three months. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

Several institutional investors and hedge funds have recently bought and sold shares of IONQ. Carnegie Investment Counsel bought a new position in shares of IonQ during the third quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd acquired a new position in IonQ during the 3rd quarter valued at approximately $3,749,000. Main Management ETF Advisors LLC bought a new position in IonQ during the 3rd quarter worth $1,865,000. Geode Capital Management LLC increased its position in IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in IonQ in the third quarter valued at $1,631,000. Institutional investors and hedge funds 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.