IonQ (NYSE:IONQ) Stock Price Down 1.5% – What’s Next?

IonQ, Inc. (NYSE:IONQ) was down 1.5% during trading on Tuesday . The company traded as low as $45.51 and last traded at $48.5750. Approximately 22,013,519 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 25,676,412 shares. The stock had previously closed at $49.31.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IONQ shares. Morgan Stanley set a $48.50 price target on IonQ in a research report on Thursday, May 7th. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of IonQ in a research report on Thursday, February 26th. JPMorgan Chase & Co. upped their target price on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Jefferies Financial Group set a $85.00 target price on IonQ in a research report on Thursday, May 7th. Finally, DA Davidson cut their target price on IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, February 26th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.63.

IonQ Trading Down 1.5%

The firm has a 50-day moving average of $38.72 and a 200 day moving average of $43.30. The company has a market cap of $18.13 billion, a P/E ratio of -173.48 and a beta of 3.05.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The business had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm’s revenue for the quarter was up 754.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) EPS. On average, equities analysts predict that IonQ, Inc. will post -2.26 EPS for the current year.

Insiders Place Their Bets

In other news, Director William J. Teuber, Jr. purchased 3,000 shares of the business’s stock in a transaction on Friday, February 27th. The shares were acquired at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the acquisition, the director owned 9,413 shares in the company, valued at approximately $361,270.94. The trade was a 46.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider owned 83,963 shares in the company, valued at approximately $2,799,326.42. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,354 shares of company stock worth $504,428. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IONQ. Vanguard Group Inc. boosted its holdings in IonQ by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after acquiring an additional 5,420,037 shares in the last quarter. Norges Bank bought a new position in IonQ in the fourth quarter worth approximately $199,753,000. Marex Group plc boosted its holdings in IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after acquiring an additional 3,296,866 shares in the last quarter. State Street Corp boosted its holdings in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after acquiring an additional 2,663,230 shares in the last quarter. Finally, Clear Street Group Inc. boosted its holdings in IonQ by 219.6% in the fourth quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock worth $143,396,000 after acquiring an additional 2,196,017 shares in the last quarter. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.