IonQ (NYSE:IONQ) Shares Down 3% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price was down 3% during mid-day trading on Monday . The stock traded as low as $37.00 and last traded at $39.56. Approximately 12,384,047 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 41,128,281 shares. The stock had previously closed at $40.76.

Analyst Ratings Changes

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

IonQ Trading Down 3.8 %

The company has a 50 day simple moving average of $37.39 and a 200 day simple moving average of $19.97. The stock has a market cap of $8.48 billion, a P/E ratio of -48.49 and a beta of 2.43.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.22) EPS. As a group, sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’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 transaction, the chief executive officer now owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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 Investors Weigh In On IonQ

Institutional investors have recently made changes to their positions in the company. Redwood Wealth Management Group LLC acquired a new stake in IonQ during the 4th quarter worth approximately $226,000. Riggs Asset Managment Co. Inc. lifted its holdings in shares of IonQ by 2,325.0% during the fourth quarter. Riggs Asset Managment Co. Inc. now owns 970 shares of the company’s stock worth $43,000 after buying an additional 930 shares in the last quarter. Spire Wealth Management boosted its position in shares of IonQ by 406.3% in the fourth quarter. Spire Wealth Management now owns 962 shares of the company’s stock valued at $40,000 after acquiring an additional 772 shares during the period. Clear Creek Financial Management LLC acquired a new position in shares of IonQ in the fourth quarter valued at about $589,000. Finally, Strategic Advocates LLC bought a new position in IonQ during the fourth quarter worth about $863,000. 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.