IonQ (NYSE:IONQ) Shares Down 2.9% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report) was down 2.9% during mid-day trading on Monday . The stock traded as low as $38.35 and last traded at $39.17. Approximately 7,743,100 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 17,875,166 shares. The stock had previously closed at $40.34.

Analyst Ratings Changes

IONQ has been the subject of several analyst reports. Benchmark decreased their price objective on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. DA Davidson reduced their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Needham & Company LLC decreased their price target on IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Morgan Stanley raised their price target on 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 given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.33.

IonQ Trading Down 1.9%

The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of -49.14 and a beta of 2.46. The firm has a 50-day moving average of $30.58 and a 200-day moving average of $32.88.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly 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 business had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. During the same quarter in the previous year, the business earned ($0.19) EPS. The company's quarterly revenue was down .2% compared to the same quarter last year. On average, equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the sale, the executive now directly owns 592,615 shares of the company's stock, valued at approximately $12,563,438. This trade represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently bought and sold shares of IONQ. Rhumbline Advisers boosted its stake in shares of IonQ by 6.6% in the first 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 purchased a new position in IonQ in the 1st quarter valued at $1,017,000. Intech Investment Management LLC boosted its stake 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 purchasing an additional 26,085 shares during the last quarter. Focus Partners Wealth boosted its stake 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 purchasing 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 shares of IonQ by 24.1% during the first 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 in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.