IonQ (NYSE:IONQ) Shares Down 2.4%

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price dropped 2.4% during mid-day trading on Monday . The company traded as low as $9.67 and last traded at $9.75. Approximately 2,385,232 shares traded hands during trading, a decline of 66% from the average daily volume of 7,001,283 shares. The stock had previously closed at $9.99.

Analyst Ratings Changes

Several brokerages have weighed in on IONQ. The Goldman Sachs Group dropped their target price on IonQ from $13.00 to $11.50 and set a "neutral" rating on the stock in a research report on Thursday, February 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price objective on shares of IonQ in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.

IonQ Price Performance

The business has a fifty day moving average of $10.41 and a 200-day moving average of $12.07. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of -12.81 and a beta of 2.14.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.03. IonQ had a negative net margin of 715.77% and a negative return on equity of 28.27%. The company had revenue of $6.11 million for the quarter, compared to analysts' expectations of $5.70 million. As a group, research analysts anticipate that IonQ, Inc. will post -1.24 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CTO Jungsang Kim sold 10,220 shares of the company's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $104,244.00. Following the completion of the sale, the chief technology officer now directly owns 6,619,941 shares of the company's stock, valued at $67,523,398.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CTO Jungsang Kim sold 10,220 shares of the business's stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $104,244.00. Following the sale, the chief technology officer now owns 6,619,941 shares in the company, valued at $67,523,398.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Hume Chapman sold 29,452 shares of the firm's stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $300,410.40. Following the completion of the transaction, the chief executive officer now directly owns 451,233 shares of the company's stock, valued at approximately $4,602,576.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,556 shares of company stock valued at $882,871. Corporate insiders own 13.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company's stock worth $221,864,000 after acquiring an additional 193,924 shares during the period. BlackRock Inc. grew its position in IonQ by 30.2% during the second quarter. BlackRock Inc. now owns 11,291,831 shares of the company's stock valued at $152,778,000 after purchasing an additional 2,619,268 shares in the last quarter. Softbank Group CORP. purchased a new stake in IonQ in the 1st quarter worth approximately $37,753,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of IonQ during the 4th quarter valued at $67,421,000. Finally, State Street Corp grew its holdings in shares of IonQ by 32.1% during the 2nd quarter. State Street Corp now owns 3,207,505 shares of the company's stock valued at $43,398,000 after acquiring an additional 780,250 shares in the last quarter. Hedge funds and other institutional investors 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.