IonQ (NYSE:IONQ) Trading Down 1.8% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price fell 1.8% on Wednesday . The stock traded as low as $39.39 and last traded at $40.12. 6,277,617 shares were traded during mid-day trading, a decline of 67% from the average session volume of 19,044,874 shares. The stock had previously closed at $40.86.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IONQ. DA Davidson lowered their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Morgan Stanley upped their target price on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Benchmark reaffirmed a "buy" rating and issued a $50.00 price target on shares of IonQ in a report on Wednesday. Finally, Needham & Company LLC reissued a "buy" rating and set a $50.00 price objective on shares of IonQ in a report on Wednesday, June 11th. 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, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.00.

IonQ Stock Down 1.9%

The stock has a 50-day simple moving average of $35.22 and a two-hundred day simple moving average of $33.64. The firm has a market cap of $10.49 billion, a PE ratio of -26.95 and a beta of 2.59.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. The firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The company's revenue was down .2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.19) EPS. Research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In related news, CEO Masi Niccolo De sold 9,280 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $42.23, for a total transaction of $391,894.40. Following the completion of the sale, the chief executive officer now directly owns 711,987 shares in the company, valued at $30,067,211.01. This represents a 1.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Wendy Thomas sold 16,696 shares of IonQ stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $39.43, for a total value of $658,323.28. Following the completion of the transaction, the director now directly owns 61,145 shares in the company, valued at $2,410,947.35. This trade represents a 21.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,972,201 shares of company stock valued at $350,540,009. Insiders own 5.20% of the company's stock.

Institutional Investors Weigh In On IonQ

Several institutional investors have recently added to or reduced their stakes in IONQ. Rhumbline Advisers increased its position in shares of IonQ by 6.6% in the first quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock valued at $7,149,000 after acquiring an additional 20,127 shares during the period. Strs Ohio purchased a new position in IonQ during the 1st quarter valued at about $1,017,000. Intech Investment Management LLC raised its position in IonQ by 26.4% during the 1st quarter. Intech Investment Management LLC now owns 124,920 shares of the company's stock valued at $2,757,000 after purchasing an additional 26,085 shares during the last quarter. Focus Partners Wealth raised its position in IonQ by 30.3% during the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock valued at $1,032,000 after purchasing an additional 10,881 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in IonQ by 24.1% in 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 buying an additional 87,428 shares during the period. Hedge funds and other 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.

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