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

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares fell 1.8% during mid-day trading on Friday . The company traded as low as $43.22 and last traded at $43.94. 13,345,323 shares changed hands during trading, a decline of 32% from the average session volume of 19,542,918 shares. The stock had previously closed at $44.75.

Analyst Ratings Changes

A number of research firms recently issued reports on IONQ. Morgan Stanley boosted their price objective on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. DA Davidson lowered their target price on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Needham & Company LLC reiterated a "buy" rating and issued a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Cantor Fitzgerald began coverage on IonQ in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 target price for the company. Finally, Benchmark upped their target price on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $41.43.

IonQ Trading Up 2.1%

The stock has a market capitalization of $11.85 billion, a P/E ratio of -30.41 and a beta of 2.55. The company has a 50-day moving average price of $38.06 and a 200 day moving average price of $33.97.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.14. The firm had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The business'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. As a group, research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other news, CEO Masi Niccolo De sold 2,597,500 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $40.34, for a total value of $104,783,150.00. Following the completion of the transaction, the chief executive officer directly owned 711,987 shares of the company's stock, valued at approximately $28,721,555.58. The trade was a 78.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Peter Hume Chapman sold 3,581,193 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $38.13, for a total value of $136,550,889.09. Following the completion of the transaction, the insider directly owned 390,329 shares of the company's stock, valued at approximately $14,883,244.77. The trade was a 90.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,094,201 shares of company stock worth $355,891,729. Company insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. PDS Planning Inc increased its position in IonQ by 2.6% during the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company's stock valued at $494,000 after buying an additional 300 shares in the last quarter. Mariner LLC increased its holdings in shares of IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after purchasing an additional 350 shares during the period. Future Financial Wealth Managment LLC increased its holdings in shares of IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares during the period. Miracle Mile Advisors LLC increased its holdings in shares of IonQ by 2.5% in the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock valued at $452,000 after purchasing an additional 500 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in shares of IonQ by 421.0% in 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 during the period. 41.42% of the stock is owned by institutional investors and hedge funds.

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.