IonQ (NYSE:IONQ) Shares Down 3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) fell 3% on Monday . The company traded as low as $37.00 and last traded at $39.56. 12,384,047 shares changed hands during trading, a decline of 70% from the average session volume of 41,128,281 shares. The stock had previously closed at $40.76.

Analysts Set New Price Targets

IONQ has been the topic of a number of research analyst reports. Craig Hallum upped their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark raised 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. The Goldman Sachs Group boosted their price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC raised their price objective 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, DA Davidson assumed coverage on shares of IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and an average price target of $33.00.

IonQ Trading Up 2.0 %

The firm’s 50-day moving average is $37.88 and its 200-day moving average is $20.40. The firm has a market cap of $8.58 billion, a price-to-earnings ratio of -48.93 and a beta of 2.43.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) 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 return on equity of 36.82% and a negative net margin of 457.85%. The company’s revenue was up 102.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.22) earnings per share. Analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction 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 represents a 1.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in IonQ in the 4th quarter worth approximately $34,000. City State Bank purchased a new stake in shares of IonQ during the fourth quarter worth $36,000. Hemington Wealth Management bought a new position in shares of IonQ in the fourth quarter worth $37,000. Versant Capital Management Inc grew its position in shares of IonQ by 1,348.5% in the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after purchasing an additional 890 shares in the last quarter. Finally, Spire Wealth Management raised its stake in shares of IonQ by 406.3% during the 4th quarter. Spire Wealth Management now owns 962 shares of the company’s stock valued at $40,000 after purchasing an additional 772 shares during the period. Hedge funds and other 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.