IonQ (NYSE:IONQ) Trading Down 5.7% - Here's Why

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were down 5.7% on Friday . The company traded as low as $39.35 and last traded at $40.74. Approximately 14,938,377 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 17,753,789 shares. The stock had previously closed at $43.20.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Morgan Stanley raised their price target on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Needham & Company LLC reduced their target price on IonQ from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Benchmark lowered their price target on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, DA Davidson reduced their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two investment 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.33.

IonQ Stock Performance

The company has a 50-day moving average of $29.94 and a 200-day moving average of $32.75. The firm has a market capitalization of $9.05 billion, a price-to-earnings ratio of -50.16 and a beta of 2.46.

IonQ (NYSE:IONQ - Get Free Report) last released 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 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 earned ($0.19) earnings per share. The business's quarterly revenue was down .2% compared to the same quarter last year. As a group, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William F. Scannell acquired 93,066 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the transaction, the director now owns 135,047 shares of the company's stock, valued at $2,945,375.07. This represents a 221.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 2,033,166 shares of company stock worth $38,059,593. Corporate insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

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