IonQ (NYSE:IONQ) Stock Price Down 4.9% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) traded down 4.9% during trading on Tuesday . The company traded as low as $37.12 and last traded at $36.67. 5,915,377 shares were traded during mid-day trading, a decline of 85% from the average session volume of 39,586,379 shares. The stock had previously closed at $38.54.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IONQ. Benchmark boosted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Needham & Company LLC upped their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, DA Davidson began coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Trading Down 1.7 %

The firm has a market cap of $8.41 billion, a P/E ratio of -48.00 and a beta of 2.43. The company’s fifty day moving average price is $38.09 and its two-hundred day moving average price is $20.54.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The firm had revenue of $12.40 million for 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 quarterly 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. On average, analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the business’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 $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently added to or reduced their stakes in IONQ. Pathway Financial Advisers LLC bought a new position in shares of IonQ in the 4th quarter valued at about $26,000. Golden State Wealth Management LLC bought a new position in IonQ in the fourth quarter valued at approximately $34,000. City State Bank acquired a new stake in IonQ during the 4th quarter worth $36,000. Hemington Wealth Management bought a new stake in shares of IonQ during the 4th quarter valued at $37,000. Finally, Versant Capital Management Inc lifted its stake in shares of IonQ by 1,348.5% in the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after purchasing an additional 890 shares during the period. 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.