IonQ (NYSE:IONQ) Shares Down 4.6%

IonQ, Inc. (NYSE:IONQ) shares traded down 4.6% on Wednesday . The company traded as low as $7.18 and last traded at $7.21. 4,767,558 shares traded hands during trading, an increase of 39% from the average session volume of 3,436,206 shares. The stock had previously closed at $7.56.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group dropped their price target on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of IonQ in a research report on Thursday, May 16th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.50.

IonQ Stock Down 4.6 %

The firm’s 50-day moving average price is $8.25 and its 200-day moving average price is $10.17. The company has a market cap of $1.52 billion, a P/E ratio of -8.69 and a beta of 2.11.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.07. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The company had revenue of $7.58 million for the quarter, compared to analyst estimates of $7.08 million. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. The company’s quarterly revenue was up 76.9% compared to the same quarter last year. As a group, analysts forecast that IonQ, Inc. will post -0.89 earnings per share for the current year.

Insider Activity at IonQ

In related news, CEO Peter Hume Chapman sold 5,936 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $46,835.04. Following the completion of the transaction, the chief executive officer now owns 445,297 shares of the company’s stock, valued at $3,513,393.33. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other IonQ news, CRO Rima Alameddine sold 9,807 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $77,377.23. Following the completion of the transaction, the executive now owns 687,840 shares of the company’s stock, valued at approximately $5,427,057.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Peter Hume Chapman sold 5,936 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $46,835.04. Following the completion of the sale, the chief executive officer now owns 445,297 shares of the company’s stock, valued at $3,513,393.33. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,353 shares of company stock valued at $160,585. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently made changes to their positions in IONQ. Amalgamated Bank raised its holdings in IonQ by 11.5% during the 3rd quarter. Amalgamated Bank now owns 17,087 shares of the company’s stock valued at $254,000 after buying an additional 1,757 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in IonQ by 5.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 28,002 shares of the company’s stock valued at $417,000 after buying an additional 1,554 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in IonQ by 11.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,291,698 shares of the company’s stock valued at $19,220,000 after buying an additional 127,499 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new stake in IonQ during the 3rd quarter valued at $2,171,000. Finally, Deutsche Bank AG raised its holdings in IonQ by 14.5% during the 3rd quarter. Deutsche Bank AG now owns 78,512 shares of the company’s stock valued at $1,168,000 after buying an additional 9,945 shares during the last quarter. 41.42% of the stock is currently owned by 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.