IonQ (NYSE:IONQ) Trading Down 2.2% - Here's What Happened

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price was down 2.2% on Thursday . The company traded as low as $43.22 and last traded at $43.76. Approximately 8,230,218 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 19,455,381 shares. The stock had previously closed at $44.75.

Analyst Ratings Changes

A number of analysts have recently weighed in on IONQ shares. Needham & Company LLC restated a "buy" rating and issued a $50.00 price objective on shares of IonQ in a research note on Wednesday, June 11th. Cantor Fitzgerald started coverage on shares of IonQ in a research note on Wednesday. They issued an "overweight" rating and a $45.00 price objective for the company. DA Davidson cut their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Morgan Stanley upped their target price on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Finally, Benchmark reiterated a "buy" rating and set a $50.00 target price on shares of IonQ in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $40.71.

IonQ Trading Down 1.8%

The stock has a market cap of $11.50 billion, a P/E ratio of -29.49 and a beta of 2.55. The company's fifty day simple moving average is $37.72 and its 200-day simple moving average is $33.99.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to analysts' expectations of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The firm's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the company posted ($0.19) EPS. As a group, analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In related news, CFO Thomas G. Kramer sold 216,000 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $38.11, for a total transaction of $8,231,760.00. Following the completion of the sale, the chief financial officer owned 718,516 shares in the company, valued at $27,382,644.76. This trade represents a 23.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Wendy Thomas sold 16,696 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $39.43, for a total transaction of $658,323.28. Following the sale, the director directly owned 61,145 shares in the company, valued at approximately $2,410,947.35. This represents a 21.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,972,201 shares of company stock worth $350,540,009 over the last ninety days. Company insiders own 5.20% of the company's stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently added to or reduced their stakes in IONQ. Bank of New York Mellon Corp grew its holdings in IonQ by 28.0% during the 4th quarter. Bank of New York Mellon Corp now owns 905,545 shares of the company's stock worth $37,825,000 after acquiring an additional 198,129 shares during the last quarter. US Bancorp DE boosted its stake in shares of IonQ by 219.5% in the 4th quarter. US Bancorp DE now owns 5,112 shares of the company's stock valued at $214,000 after purchasing an additional 3,512 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of IonQ by 421.0% in the 4th 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 last quarter. Jones Financial Companies Lllp boosted its stake in shares of IonQ by 1,096.0% in the 4th quarter. Jones Financial Companies Lllp now owns 5,322 shares of the company's stock valued at $222,000 after purchasing an additional 4,877 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of IonQ by 368.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 9,373 shares of the company's stock valued at $392,000 after purchasing an additional 7,373 shares during the last quarter. Institutional investors own 41.42% of the company's stock.

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.