IonQ (NYSE:IONQ) Trading Down 1.1% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded down 1.1% during trading on Friday . The company traded as low as $37.44 and last traded at $38.27. 8,184,727 shares were traded during mid-day trading, a decline of 56% from the average session volume of 18,550,895 shares. The stock had previously closed at $38.71.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Needham & Company LLC reissued a "buy" rating and issued a $50.00 price target on shares of IonQ in a research report on Wednesday. Morgan Stanley lifted their price target on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Benchmark lifted their price target on shares of IonQ from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, DA Davidson dropped their price target 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. 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $40.00.

IonQ Stock Performance

The company has a market cap of $8.42 billion, a price-to-earnings ratio of -46.65 and a beta of 2.59. The business's 50 day moving average price is $33.19 and its 200-day moving average price is $33.37.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $7.57 million during the quarter, compared to analysts' expectations of $7.51 million. During the same quarter in the prior year, the company posted ($0.19) EPS. The business's revenue was down .2% on a year-over-year basis. On average, equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Masi Niccolo De sold 9,280 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $42.23, for a total value of $391,894.40. Following the sale, the chief executive officer now owns 711,987 shares of the company's stock, valued at approximately $30,067,211.01. This represents a 1.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wendy Thomas sold 16,696 shares of the company's 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 completion of the sale, the director now directly owns 61,145 shares in the company, valued at approximately $2,410,947.35. The trade was a 21.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,766,957 shares of company stock worth $111,561,975. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently made changes to their positions in IONQ. Rhumbline Advisers grew its holdings in IonQ by 6.6% during the 1st quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock worth $7,149,000 after acquiring an additional 20,127 shares during the last quarter. Strs Ohio bought a new stake in IonQ during the 1st quarter worth about $1,017,000. Intech Investment Management LLC grew its holdings in IonQ by 26.4% during the 1st quarter. Intech Investment Management LLC now owns 124,920 shares of the company's stock worth $2,757,000 after acquiring an additional 26,085 shares during the last quarter. Focus Partners Wealth grew its holdings in IonQ by 30.3% during the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock worth $1,032,000 after acquiring an additional 10,881 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in IonQ by 24.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock worth $9,932,000 after acquiring an additional 87,428 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.