Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 6% on Tuesday . The stock traded as low as $40.66 and last traded at $40.40. 8,410,255 shares were traded during trading, a decline of 56% from the average session volume of 19,303,623 shares. The stock had previously closed at $42.97.
Wall Street Analyst Weigh In
IONQ has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Benchmark reiterated a "buy" rating and issued a $50.00 target price on shares of IonQ in a report on Wednesday, June 25th. Cantor Fitzgerald started coverage on shares of IonQ in a research note on Wednesday. They set an "overweight" rating and a $45.00 target price for the company. Morgan Stanley upped their price target on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Finally, DA Davidson reduced their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.71.
Check Out Our Latest Analysis on IONQ
IonQ Trading Up 11.8%
The business has a fifty day moving average price of $36.75 and a two-hundred day moving average price of $33.92. The company has a market cap of $11.73 billion, a price-to-earnings ratio of -30.09 and a beta of 2.56.
IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings data 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 753.20% and a negative return on equity of 63.35%. The firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. During the same quarter in the prior year, the business earned ($0.19) EPS. The company's revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.
Insiders Place Their Bets
In other IonQ news, Director Wendy Thomas sold 16,696 shares of IonQ stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $39.43, for a total value of $658,323.28. Following the completion of the sale, the director directly owned 61,145 shares in the company, valued at $2,410,947.35. The trade was a 21.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Rima Alameddine sold 65,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $38.57, for a total transaction of $2,507,050.00. Following the transaction, the executive owned 552,592 shares in the company, valued at $21,313,473.44. This represents a 10.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,972,201 shares of company stock worth $350,540,009 in the last quarter. Corporate insiders own 5.20% of the company's stock.
Institutional Trading of IonQ
Large investors have recently made changes to their positions in the stock. ORG Partners LLC lifted its holdings in IonQ by 348.0% in the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after purchasing an additional 870 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after buying an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new stake in shares of IonQ during the 4th quarter worth $27,000. TD Waterhouse Canada Inc. acquired a new position in IonQ in the 4th quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC raised its holdings in IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after acquiring an additional 500 shares during the period. Institutional investors own 41.42% of the company's stock.
About IonQ
(
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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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