IonQ (NYSE:IONQ) Trading Down 6.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price was down 6.2% during mid-day trading on Monday . The stock traded as low as $38.77 and last traded at $38.96. Approximately 30,616,636 shares traded hands during trading, an increase of 8% from the average daily volume of 28,367,466 shares. The stock had previously closed at $41.55.

Analyst Ratings Changes

A number of research firms have weighed in on IONQ. Benchmark upped 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. DA Davidson started coverage on IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective for the company. Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC raised their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.00.

IonQ Stock Performance

The company has a market cap of $8.43 billion, a P/E ratio of -48.09 and a beta of 2.43. The business has a fifty day simple moving average of $35.80 and a 200 day simple moving average of $18.78.

IonQ (NYSE:IONQ) last released 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 business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.22) EPS. Equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In other news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were 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 owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents a 3.07 % 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, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. This represents a 3.72 % 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 worth $1,909,323 over the last quarter. 11.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings 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 buying an additional 199,360 shares in the last quarter. State Street Corp grew its stake in shares of 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 purchasing an additional 75,596 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 purchasing an additional 135,851 shares during the period. FMR LLC raised its stake in shares of IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares in the last quarter. Finally, Carnegie Investment Counsel acquired a new stake in IonQ in the third quarter worth about $5,036,000. 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.