IonQ (NYSE:IONQ) Stock Price Down 0.2% on Analyst Downgrade

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price was down 0.2% during trading on Thursday after Needham & Company LLC lowered their price target on the stock from $54.00 to $50.00. Needham & Company LLC currently has a buy rating on the stock. IonQ traded as low as $28.11 and last traded at $29.07. Approximately 15,580,617 shares were traded during trading, a decline of 4% from the average daily volume of 16,280,029 shares. The stock had previously closed at $29.14.

Other analysts also recently issued reports about the company. Benchmark decreased their price objective on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. DA Davidson cut their target price on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, The Goldman Sachs Group raised their target price on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.33.

Insider Buying and Selling at IonQ

In related news, Director William F. Scannell purchased 93,066 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the transaction, the director now owns 135,047 shares of the company's stock, valued at $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business's stock in a transaction that occurred on 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 sale, the insider now directly owns 414,363 shares in the company, 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. Insiders have sold 2,033,166 shares of company stock worth $38,059,593 in the last ninety days. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Chevy Chase Trust Holdings LLC purchased a new stake in shares of IonQ during the fourth quarter valued at $32,060,000. Ameriprise Financial Inc. purchased a new position in IonQ in the 4th quarter worth about $29,519,000. Arrowstreet Capital Limited Partnership acquired a new stake in IonQ during the 4th quarter worth about $29,513,000. Finally, Invesco Ltd. lifted its stake in IonQ by 439.3% during the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after buying an additional 698,146 shares in the last quarter. Institutional investors own 41.42% of the company's stock.

IonQ Price Performance

The firm's fifty day simple moving average is $24.91 and its 200 day simple moving average is $30.58. The company has a market capitalization of $6.95 billion, a price-to-earnings ratio of -38.53 and a beta of 2.46.

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

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.