IonQ (NYSE:IONQ) Trading Down 4.6% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) was down 4.6% during trading on Wednesday . The company traded as low as $44.65 and last traded at $45.82. Approximately 10,736,658 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 17,542,427 shares. The stock had previously closed at $48.04.

Analysts Set New Price Targets

A number of equities research analysts recently commented on IONQ shares. DA Davidson lowered their price objective on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Needham & Company LLC decreased their price target on shares of IonQ from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Morgan Stanley raised their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. Finally, Benchmark decreased their target price on shares of IonQ from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $38.33.

IonQ Price Performance

The stock has a market capitalization of $10.39 billion, a price-to-earnings ratio of -57.68 and a beta of 2.46. The business’s 50-day simple moving average is $28.80 and its two-hundred day simple moving average is $32.31.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million for the quarter, compared to analysts’ expectations of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.19) earnings per share. As a group, sell-side analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now owns 592,615 shares in the company, valued at approximately $12,563,438. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the transaction, the chief financial officer now owns 944,510 shares of the company’s stock, valued at $17,539,550.70. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock worth $38,059,593 over the last 90 days. Insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position in shares of IonQ by 625.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 18,764 shares of the company’s stock worth $784,000 after buying an additional 16,177 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new position in shares of IonQ during the fourth quarter valued at approximately $205,000. KBC Group NV increased its stake in shares of IonQ by 15.7% during the fourth quarter. KBC Group NV now owns 8,542 shares of the company’s stock valued at $357,000 after acquiring an additional 1,157 shares during the period. Perigon Wealth Management LLC acquired a new position in shares of IonQ during the fourth quarter valued at approximately $360,000. Finally, Kennedy Investment Group acquired a new position in shares of IonQ during the fourth quarter valued at approximately $343,000. 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.