IonQ (NYSE:IONQ) Stock Price Down 4.2%

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded down 4.2% during mid-day trading on Monday . The stock traded as low as $8.74 and last traded at $8.82. 3,682,442 shares were traded during trading, a decline of 46% from the average session volume of 6,843,617 shares. The stock had previously closed at $9.21.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IONQ. The Goldman Sachs Group reduced their target price on IonQ from $13.00 to $11.50 and set a "neutral" rating for the company in a research note on Thursday, February 29th. Needham & Company LLC reissued a "buy" rating and set a $18.00 target price on shares of IonQ in a research 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $16.50.

IonQ Price Performance

The stock has a market capitalization of $1.74 billion, a P/E ratio of -10.74 and a beta of 2.14. The firm's 50 day moving average price is $10.15 and its 200 day moving average price is $11.79.

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

Insider Activity

In other news, CFO Thomas G. Kramer sold 19,672 shares of the 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 $200,654.40. Following the sale, the chief financial officer now owns 954,224 shares in the company, valued at $9,733,084.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CRO Rima Alameddine sold 27,212 shares of the business's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $277,562.40. Following the completion of the sale, the executive now owns 697,647 shares of the company's stock, valued at approximately $7,115,999.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 19,672 shares of the business's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $200,654.40. Following the sale, the chief financial officer now directly owns 954,224 shares of the company's stock, valued at approximately $9,733,084.80. The disclosure for this sale can be found here. Insiders have sold a total of 86,556 shares of company stock worth $882,871 over the last 90 days. 13.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently modified their holdings of the business. Quantbot Technologies LP purchased a new position in shares of IonQ during the 2nd quarter valued at $28,000. Raymond James Financial Services Advisors Inc. purchased a new stake in IonQ in the 4th quarter worth $37,000. C M Bidwell & Associates Ltd. purchased a new stake in IonQ in the 2nd quarter worth $38,000. Harbour Investments Inc. lifted its stake in IonQ by 193.2% in the 2nd quarter. Harbour Investments Inc. now owns 2,932 shares of the company's stock worth $40,000 after purchasing an additional 1,932 shares in the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of IonQ in the 2nd quarter worth about $44,000. Institutional investors own 41.42% of the company's stock.

About IonQ

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.