IonQ (NYSE:IONQ) Stock Price Down 5.6%

IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 5.6% on Tuesday . The company traded as low as $8.71 and last traded at $8.76. 2,984,210 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 6,521,017 shares. The stock had previously closed at $9.28.

Analysts Set New Price Targets

IONQ has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and set a $18.00 target price on shares of IonQ in a research note on Thursday, February 29th. The Goldman Sachs Group lowered their price target on shares of IonQ from $13.00 to $11.50 and set a "neutral" rating for the company in a report on Thursday, February 29th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.50.

IonQ Stock Down 7.0 %

The stock has a market capitalization of $1.80 billion, a PE ratio of -11.56 and a beta of 2.17. The stock's 50 day moving average price is $9.14 and its 200-day moving average price is $10.90.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, February 28th. The company reported ($0.20) EPS 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 the consensus estimate of $5.70 million. IonQ had a negative net margin of 715.77% and a negative return on equity of 28.27%. As a group, sell-side analysts predict that IonQ, Inc. will post -1.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Jungsang Kim sold 10,220 shares of the firm'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 transaction, the chief technology officer now owns 6,619,941 shares in the company, valued at $67,523,398.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Peter Hume Chapman sold 29,452 shares of the business's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.20, for a total value 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Jungsang Kim sold 10,220 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 $104,244.00. Following the sale, the chief technology officer now directly owns 6,619,941 shares in the company, valued at approximately $67,523,398.20. The disclosure for this sale can be found here. Insiders have sold 86,556 shares of company stock worth $882,871 in the last ninety days. 13.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On IonQ

A number of large investors have recently added to or reduced their stakes in the company. Swiss National Bank lifted its holdings in shares of IonQ by 14.8% during the 1st quarter. Swiss National Bank now owns 343,600 shares of the company's stock valued at $3,433,000 after purchasing an additional 44,200 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company's stock valued at $365,000 after buying an additional 1,400 shares during the last quarter. SG Americas Securities LLC boosted its holdings in IonQ by 1,598.7% in the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company's stock worth $20,825,000 after acquiring an additional 1,961,909 shares in the last quarter. Hussman Strategic Advisors Inc. grew its stake in shares of IonQ by 126.7% during the first quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company's stock worth $3,566,000 after acquiring an additional 199,500 shares during the last quarter. Finally, StoneX Group Inc. purchased a new position in shares of IonQ in the 1st quarter valued at approximately $420,000. 41.42% of the stock is currently owned by institutional investors.

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.

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