IonQ (NYSE:IONQ) Stock Price Down 44.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price was down 44.2% during trading on Wednesday . The stock traded as low as $26.14 and last traded at $27.66. Approximately 70,797,290 shares changed hands during trading, an increase of 114% from the average daily volume of 33,124,730 shares. The stock had previously closed at $49.59.

Analyst Ratings Changes

IONQ has been the topic of a number of recent analyst reports. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. DA Davidson assumed coverage on shares of IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective for the company. Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC lifted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.60.

IonQ Trading Down 40.4 %

The firm has a market cap of $6.40 billion, a PE ratio of -36.49 and a beta of 2.43. The firm has a fifty day simple moving average of $33.19 and a two-hundred day simple moving average of $17.27.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) 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 for the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the prior year, the business posted ($0.22) EPS. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. Equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now directly 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 filing with the SEC, which is available at this link. Also, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,223 shares of company stock valued at $2,286,983 over the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc increased its position in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after acquiring an additional 890 shares during the period. Quest Partners LLC boosted its position in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after acquiring an additional 6,368 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after purchasing an additional 480 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in IonQ in the 2nd quarter worth approximately $67,000. Finally, nVerses Capital LLC acquired a new position in IonQ during the 3rd quarter valued at approximately $72,000. 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.