IonQ (NYSE:IONQ) Shares Down 1% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price fell 1% during trading on Thursday . The stock traded as low as $39.18 and last traded at $39.14. 5,978,255 shares traded hands during trading, a decline of 84% from the average session volume of 36,947,098 shares. The stock had previously closed at $39.54.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of research reports. Craig Hallum increased their price target on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. The Goldman Sachs Group raised their price objective on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. DA Davidson assumed coverage on IonQ in a research note on Thursday, December 19th. They issued a "buy" rating and a $50.00 target price for the company. Finally, Benchmark lifted their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $33.00.

IonQ Trading Down 1.7 %

The stock has a fifty day moving average price of $38.09 and a 200-day moving average price of $20.54. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of -48.00 and a beta of 2.43.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same period in the previous year, the business posted ($0.22) earnings per share. The firm's revenue was up 102.1% compared to the same quarter last year. On average, equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the transaction, the executive now directly owns 571,321 shares of the company's stock, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the company's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares of the company's stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,223 shares of company stock worth $1,314,652. Corporate insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its stake in IonQ by 9.2% during the 4th quarter. Rhumbline Advisers now owns 303,803 shares of the company's stock worth $12,690,000 after acquiring an additional 25,577 shares during the last quarter. Blue Trust Inc. boosted its position in shares of IonQ by 665.9% during the fourth quarter. Blue Trust Inc. now owns 1,685 shares of the company's stock worth $70,000 after purchasing an additional 1,465 shares in the last quarter. Chevy Chase Trust Holdings LLC acquired a new position in shares of IonQ in the 4th quarter valued at $32,060,000. Vontobel Holding Ltd. increased its position in shares of IonQ by 45.7% in the 4th quarter. Vontobel Holding Ltd. now owns 62,018 shares of the company's stock valued at $2,593,000 after buying an additional 19,456 shares in the last quarter. Finally, Life Planning Partners Inc acquired a new stake in IonQ during the 4th quarter worth $472,000. 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.

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