IonQ (NYSE:IONQ) Shares Down 1.8% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price traded down 1.8% during trading on Thursday . The stock traded as low as $37.24 and last traded at $38.95. 6,167,587 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 17,925,959 shares. The stock had previously closed at $39.64.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Needham & Company LLC decreased their target price on IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Morgan Stanley increased their price target on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. DA Davidson lowered their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Benchmark dropped their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $38.33.

IonQ Stock Up 6.6%

The stock has a market cap of $8.71 billion, a PE ratio of -48.25 and a beta of 2.59. The firm has a 50-day simple moving average of $31.52 and a 200-day simple moving average of $33.08.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm's revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.19) EPS. On average, research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other IonQ news, Director William F. Scannell purchased 93,066 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now directly owns 135,047 shares in the company, valued at approximately $2,945,375.07. The trade was a 221.69% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the transaction, the insider now directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. The trade was a 82.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,031,759 shares of company stock valued at $38,029,765. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC raised its position in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. bought a new stake in IonQ during the fourth quarter worth about $27,000. TD Waterhouse Canada Inc. purchased a new position in shares of IonQ in the 4th quarter worth about $33,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of IonQ in the 4th quarter worth about $34,000. 41.42% of the stock is owned by hedge funds and other 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.