IonQ (NYSE:IONQ) Stock Price Down 1% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares dropped 1% during mid-day trading on Tuesday . The company traded as low as $32.44 and last traded at $32.56. Approximately 5,827,460 shares traded hands during trading, a decline of 65% from the average daily volume of 16,478,620 shares. The stock had previously closed at $32.89.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research reports. Morgan Stanley lifted their price objective on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. DA Davidson reduced their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Needham & Company LLC reduced their price objective on IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Benchmark reduced their price objective on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

IonQ Price Performance

The company has a fifty day simple moving average of $26.22 and a two-hundred day simple moving average of $31.05. The company has a market capitalization of $7.81 billion, a P/E ratio of -43.29 and a beta of 2.46.

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

Insider Buying and Selling at IonQ

In other IonQ news, Director William F. Scannell acquired 93,066 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the purchase, the director now owns 135,047 shares of the company's stock, valued at approximately $2,945,375.07. This trade represents a 221.69% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the transaction, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock worth $38,059,593 over the last three months. Corporate insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

Institutional investors have recently made changes to their positions in the business. Pathway Financial Advisers LLC bought a new position in IonQ during the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC increased its stake in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after acquiring an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new position in IonQ during the fourth quarter valued at about $27,000. TD Waterhouse Canada Inc. bought a new position in IonQ during the fourth quarter valued at about $33,000. Finally, Golden State Wealth Management LLC bought a new position in IonQ during the fourth quarter valued at about $34,000. 41.42% of the stock is currently owned by institutional investors.

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.