IonQ (NYSE:IONQ) Shares Down 2.6% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price fell 2.6% on Monday . The company traded as low as $32.83 and last traded at $34.08. 6,977,433 shares were traded during mid-day trading, a decline of 58% from the average session volume of 16,704,366 shares. The stock had previously closed at $34.99.

Analyst Ratings Changes

A number of research firms have recently weighed in on IONQ. Needham & Company LLC dropped 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. Benchmark lowered their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. DA Davidson reduced their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Morgan Stanley lifted their target price on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.

IonQ Trading Up 0.3%

The company's 50 day moving average is $26.22 and its 200-day moving average is $31.27. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of -43.33 and a beta of 2.46.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.19) EPS. Research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

In other news, CRO Rima Alameddine sold 20,047 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $372,272.79. Following the completion of the transaction, the executive now owns 572,568 shares of the company's stock, valued at approximately $10,632,587.76. This trade represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares of the company's stock, valued at approximately $7,756,875.36. The trade was a 82.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of IonQ during the 4th quarter worth about $3,840,000. Strategic Advocates LLC purchased a new position in shares of IonQ in the 4th quarter worth about $863,000. New York State Common Retirement Fund increased its stake in shares of IonQ by 16.7% during the 4th quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock worth $2,568,000 after purchasing an additional 8,800 shares during the last quarter. Rhumbline Advisers increased its position in IonQ by 9.2% in the fourth quarter. Rhumbline Advisers now owns 303,803 shares of the company's stock worth $12,690,000 after buying an additional 25,577 shares during the last quarter. Finally, McGuire Investment Group LLC purchased a new stake in IonQ during the fourth quarter valued at about $272,000. Institutional investors own 41.42% of the company's stock.

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.

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