IonQ (NYSE:IONQ) Trading Down 1.1% - Here's Why

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 1.1% during trading on Thursday . The stock traded as low as $32.28 and last traded at $33.06. 5,267,732 shares were traded during trading, a decline of 68% from the average session volume of 16,558,773 shares. The stock had previously closed at $33.41.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on IONQ shares. Benchmark dropped their price target 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. Needham & Company LLC lowered their target price on shares of IonQ from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. DA Davidson cut their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley increased their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $38.33.

IonQ Stock Performance

The business's 50 day moving average is $25.61 and its 200-day moving average is $30.83. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of -40.76 and a beta of 2.46.

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 the consensus estimate of ($0.28) by $0.14. The company 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 firm's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.19) EPS. Sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction on 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 approximately $17,539,550.70. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 1,407 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the completion of the transaction, the executive now owns 592,615 shares of the company's stock, valued at approximately $12,563,438. This represents a 0.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock worth $38,059,593 over the last 90 days. 11.60% of the stock is owned by insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Vanguard Group Inc. lifted its position in IonQ by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock worth $474,460,000 after acquiring an additional 123,839 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after purchasing an additional 45,942 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of IonQ by 1,310.9% during the fourth 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 during the period. Northern Trust Corp grew its holdings in IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after acquiring an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of IonQ by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock worth $68,740,000 after purchasing an additional 31,638 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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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