IonQ (NYSE:IONQ) Stock Price Down 2.3% - What's Next?

Key Points

• IonQ's stock price fell by 2.3% to $42.30, with trading volume at approximately 5.12 million shares, down 77% from its average daily volume.
• Analysts have mixed ratings on IonQ, with several firms giving it a "buy" rating and price targets ranging from $45.00 to $70.00, while the consensus rating is a "Moderate Buy."
• Recent insider activity included significant share sales, with insiders unloading over 9 million shares worth approximately $361 million, indicating potential changes in confidence levels among company leadership.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was down 2.3% during mid-day trading on Friday . The stock traded as low as $41.81 and last traded at $42.30. Approximately 5,123,652 shares changed hands during trading, a decline of 77% from the average daily volume of 22,377,951 shares. The stock had previously closed at $43.30.

Analyst Ratings Changes

Several research analysts have issued reports on IONQ shares. Oppenheimer started coverage on IonQ in a report on Wednesday, July 30th. They set an "outperform" rating on the stock. B. Riley started coverage on IonQ in a report on Wednesday. They set a "buy" rating and a $61.00 price objective on the stock. Wolfe Research started coverage on IonQ in a report on Wednesday, July 30th. They set a "peer perform" rating on the stock. Rosenblatt Securities started coverage on IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price objective on the stock. Finally, Cantor Fitzgerald initiated coverage on IonQ in a report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, IonQ currently has an average rating of "Moderate Buy" and an average target price of $46.78.

IonQ Trading Down 0.8%

The stock has a 50 day moving average price of $41.78 and a two-hundred day moving average price of $34.33. The company has a market cap of $12.75 billion, a price-to-earnings ratio of -21.37 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The company had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The business's revenue for the quarter was up 81.6% compared to the same quarter last year. During the same period last year, the company earned ($0.18) EPS. On average, equities analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Peter Hume Chapman sold 1,497,311 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the sale, the insider owned 390,329 shares of the company's stock, valued at approximately $15,585,836.97. This trade represents a 79.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 17,776 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $41.28, for a total value of $733,793.28. Following the sale, the chief financial officer directly owned 537,880 shares in the company, valued at $22,203,686.40. The trade was a 3.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,209,626 shares of company stock worth $361,253,723. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Several hedge funds have recently added to or reduced their stakes in IONQ. Envestnet Asset Management Inc. acquired a new stake in IonQ during the 4th quarter worth $353,000. First Trust Advisors LP bought a new position in IonQ during the 4th quarter worth about $5,828,000. Stifel Financial Corp bought a new position in IonQ during the 4th quarter worth about $378,000. Price T Rowe Associates Inc. MD increased its holdings in IonQ by 475.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company's stock worth $28,771,000 after purchasing an additional 569,061 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new position in IonQ during the 4th quarter worth about $407,000. Institutional investors and hedge funds 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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