IonQ (NYSE:IONQ) Shares Down 6.2% – What’s Next?

IonQ, Inc. (NYSE:IONQ) fell 6.2% during trading on Monday . The company traded as low as $38.77 and last traded at $38.96. 30,616,636 shares were traded during trading, an increase of 8% from the average session volume of 28,367,466 shares. The stock had previously closed at $41.55.

Analyst Upgrades and Downgrades

IONQ has been the topic of several recent analyst reports. DA Davidson began coverage on IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. Craig Hallum upped 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. Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group boosted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Down 6.2 %

The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of -48.09 and a beta of 2.43. The business has a 50-day moving average price of $35.80 and a 200-day moving average price of $18.78.

IonQ (NYSE:IONQ) last posted 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 firm had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.22) earnings per share. As a group, sell-side analysts predict 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 12,000 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $15.72, for a total value of $188,640.00. Following the transaction, the executive now owns 615,533 shares in the company, valued at $9,676,178.76. This represents a 1.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s 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 sale, the chief executive officer now owns 414,363 shares of the company’s stock, 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. Insiders have sold a total of 79,098 shares of company stock valued at $1,909,323 in the last three months. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Geode Capital Management LLC increased its position in IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares during the last quarter. State Street Corp increased its holdings in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after buying an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after acquiring an additional 135,851 shares in the last quarter. FMR LLC lifted its stake in IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after acquiring an additional 41,125 shares during the last quarter. Finally, Carnegie Investment Counsel bought a new stake in IonQ in the third quarter worth approximately $5,036,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.