IonQ (NYSE:IONQ) Stock Price Down 1.2% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares fell 1.2% on Tuesday . The stock traded as low as $49.06 and last traded at $50.46. 13,854,183 shares were traded during mid-day trading, a decline of 36% from the average session volume of 21,757,223 shares. The stock had previously closed at $51.07.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. DA Davidson began coverage on shares of IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Needham & Company LLC increased their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note 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, IonQ has an average rating of “Moderate Buy” and an average target price of $28.60.

IonQ Stock Performance

The stock has a 50-day moving average of $33.46 and a 200-day moving average of $17.36. The firm has a market cap of $6.55 billion, a price-to-earnings ratio of -37.37 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period in the prior year, the firm earned ($0.22) EPS. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. Sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The stock was 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 directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 9,159 shares of the 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 completion of the transaction, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,223 shares of company stock worth $2,286,983. Corporate insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in IonQ by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after acquiring an additional 131,439 shares in the last quarter. Principal Financial Group Inc. increased its holdings in IonQ by 40.6% in the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after buying an additional 7,744 shares during the period. Rhumbline Advisers lifted its holdings in shares of IonQ by 13.5% during the 2nd quarter. Rhumbline Advisers now owns 295,918 shares of the company’s stock worth $2,080,000 after acquiring an additional 35,158 shares during the period. Arizona State Retirement System boosted its position in shares of IonQ by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after acquiring an additional 1,731 shares in the last quarter. Finally, Quest Partners LLC raised its position in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares in the last quarter. Institutional investors and hedge funds 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.