IonQ (NYSE:IONQ) Stock Price Down 4.8%

IonQ, Inc. (NYSE:IONQ - Get Free Report) dropped 4.8% during mid-day trading on Tuesday . The company traded as low as $9.38 and last traded at $9.51. Approximately 2,099,084 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 6,955,567 shares. The stock had previously closed at $9.99.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $18.00 price objective on shares of IonQ in a research note on Thursday, February 29th. The Goldman Sachs Group cut their target price on shares of IonQ from $13.00 to $11.50 and set a "neutral" rating for the company in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and a consensus target price of $16.50.

IonQ Trading Down 6.4 %

The firm has a market capitalization of $1.95 billion, a PE ratio of -11.99 and a beta of 2.14. The business's 50 day simple moving average is $10.37 and its 200 day simple moving average is $12.01.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.20) EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $6.11 million during the quarter, compared to analysts' expectations of $5.70 million. Analysts forecast that IonQ, Inc. will post -1.24 earnings per share for the current year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 27,212 shares of the firm's stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $277,562.40. Following the completion of the sale, the executive now owns 697,647 shares in the company, valued at approximately $7,115,999.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CRO Rima Alameddine sold 27,212 shares of the firm's stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $277,562.40. Following the completion of the sale, the executive now owns 697,647 shares in the company, valued at approximately $7,115,999.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jungsang Kim sold 10,220 shares of the firm's stock in a transaction dated 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 owns 6,619,941 shares of the company's stock, valued at approximately $67,523,398.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 86,556 shares of company stock worth $882,871. 13.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. C M Bidwell & Associates Ltd. bought a new stake in IonQ during the 2nd quarter valued at about $38,000. Harbour Investments Inc. increased its position in IonQ by 193.2% during the 2nd quarter. Harbour Investments Inc. now owns 2,932 shares of the company's stock valued at $40,000 after purchasing an additional 1,932 shares during the period. KBC Group NV purchased a new position in IonQ during the 4th quarter valued at about $50,000. Nisa Investment Advisors LLC increased its position in IonQ by 32.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,038 shares of the company's stock valued at $60,000 after purchasing an additional 1,000 shares during the period. Finally, FNY Investment Advisers LLC increased its position in IonQ by 28.0% during the 4th quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company's stock valued at $56,000 after purchasing an additional 990 shares during the period. 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.