IonQ (NYSE:IONQ) Sets New 1-Year Low at $6.93

IonQ, Inc. (NYSE:IONQ) reached a new 52-week low on Thursday . The stock traded as low as $6.93 and last traded at $6.96, with a volume of 3027971 shares trading hands. The stock had previously closed at $7.21.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on IONQ shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of IonQ in a research note on Thursday, May 16th. The Goldman Sachs Group reduced their price objective on IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

IonQ Stock Performance

The firm has a fifty day simple moving average of $8.24 and a 200-day simple moving average of $10.14. The company has a market capitalization of $1.46 billion, a PE ratio of -8.40 and a beta of 2.11.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative return on equity of 31.76% and a negative net margin of 671.00%. The business had revenue of $7.58 million during the quarter, compared to the consensus estimate of $7.08 million. During the same period in the previous year, the business earned ($0.14) EPS. The business’s quarterly revenue was up 76.9% on a year-over-year basis. As a group, research analysts anticipate that IonQ, Inc. will post -0.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CEO Peter Hume Chapman sold 5,936 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $46,835.04. Following the completion of the transaction, the chief executive officer now owns 445,297 shares in the company, valued at approximately $3,513,393.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CRO Rima Alameddine sold 9,807 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $77,377.23. Following the sale, the executive now directly owns 687,840 shares of the company’s stock, valued at $5,427,057.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 5,936 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total value of $46,835.04. Following the sale, the chief executive officer now directly owns 445,297 shares in the company, valued at $3,513,393.33. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,353 shares of company stock worth $160,585. 11.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IONQ. Morgens Waterfall Vintiadis & Co. Inc. bought a new stake in shares of IonQ during the 4th quarter worth about $1,858,000. Norges Bank bought a new stake in shares of IonQ during the 4th quarter worth about $26,430,000. Charles Schwab Investment Management Inc. boosted its stake in shares of IonQ by 11.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,291,698 shares of the company’s stock worth $19,220,000 after acquiring an additional 127,499 shares in the last quarter. Victory Capital Management Inc. boosted its stake in IonQ by 29.2% during the 4th quarter. Victory Capital Management Inc. now owns 48,083 shares of the company’s stock valued at $596,000 after purchasing an additional 10,855 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in IonQ by 23.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 244,808 shares of the company’s stock valued at $3,033,000 after purchasing an additional 46,680 shares during the period. Hedge funds and other 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.