IonQ (NYSE:IONQ) Trading Down 4.6% - Here's What Happened

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) dropped 4.6% on Thursday . The stock traded as low as $44.18 and last traded at $45.36. Approximately 11,859,164 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 17,649,598 shares. The stock had previously closed at $47.56.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Needham & Company LLC decreased their price objective on IonQ from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Benchmark cut their price target on IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. DA Davidson lowered 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. Finally, Morgan Stanley increased their price objective on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, IonQ presently has a consensus rating of "Moderate Buy" and an average target price of $38.33.

IonQ Stock Down 6.6%

The firm has a market cap of $8.99 billion, a P/E ratio of -49.80 and a beta of 2.46. The business has a fifty day moving average of $29.94 and a 200 day moving average of $32.71.

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

Insider Buying and Selling at IonQ

In other news, 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 transaction 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. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the business's stock in a transaction that occurred 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 $12,563,438. This represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,033,166 shares of company stock valued at $38,059,593. Corporate insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently modified their holdings of the company. PDS Planning Inc raised its holdings in shares of IonQ by 2.6% in the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company's stock valued at $494,000 after purchasing an additional 300 shares during the last quarter. Mariner LLC increased its stake in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after buying an additional 350 shares during the last quarter. Allworth Financial LP increased its stake in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company's stock valued at $116,000 after buying an additional 363 shares during the last quarter. Future Financial Wealth Managment LLC lifted its position in IonQ by 50.0% during the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after buying an additional 500 shares in the last quarter. Finally, Miracle Mile Advisors LLC boosted its stake in shares of IonQ by 2.5% during the 1st quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock worth $452,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

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.