IonQ (NYSE:IONQ) Shares Down 2.4% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price fell 2.4% during trading on Tuesday . The company traded as low as $39.25 and last traded at $40.82. 17,033,527 shares traded hands during trading, an increase of 69% from the average session volume of 10,087,204 shares. The stock had previously closed at $41.81.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC increased their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum lifted their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Stock Performance

The company has a market cap of $9.06 billion, a price-to-earnings ratio of -50.40 and a beta of 2.49. The company has a fifty day moving average of $23.26 and a two-hundred day moving average of $13.15.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ’s revenue was up 102.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.22) EPS. Equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In related 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 value of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction that occurred 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 owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock valued at $2,286,983 in the last ninety days. 11.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently added to or reduced their stakes in IONQ. Charles Schwab Investment Management Inc. grew its stake in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Carnegie Investment Counsel bought a new position in shares of IonQ in the third quarter worth $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of IonQ in the third quarter valued at $3,749,000. Rockefeller Capital Management L.P. raised its stake in shares of IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after purchasing an additional 111,435 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in IonQ during the 3rd quarter worth about $1,631,000. 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.