IonQ (NYSE:IONQ) Trading Down 1.2% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price was down 1.2% during mid-day trading on Thursday . The company traded as low as $36.13 and last traded at $38.92. Approximately 22,171,608 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 49,164,305 shares. The stock had previously closed at $39.39.

Analysts Set New Price Targets

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

IonQ Price Performance

The firm has a 50-day simple moving average of $35.80 and a 200 day simple moving average of $18.62. The company has a market capitalization of $8.43 billion, a PE ratio of -48.09 and a beta of 2.43.

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

Insider Activity

In related news, CRO Rima Alameddine sold 12,000 shares of the business's stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $15.72, for a total value of $188,640.00. Following the transaction, the executive now owns 615,533 shares in the company, valued at approximately $9,676,178.76. The trade was a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares of the company's stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,098 shares of company stock worth $1,909,323. 11.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Veracity Capital LLC acquired a new stake in IonQ during the fourth quarter valued at approximately $230,000. Magnus Financial Group LLC acquired a new stake in shares of IonQ during the 4th quarter valued at approximately $259,000. Daymark Wealth Partners LLC lifted its stake in IonQ by 9.2% during the fourth quarter. Daymark Wealth Partners LLC now owns 13,100 shares of the company's stock worth $547,000 after purchasing an additional 1,100 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in IonQ by 625.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 18,764 shares of the company's stock worth $784,000 after purchasing an additional 16,177 shares during the period. Finally, Sugar Maple Asset Management LLC bought a new stake in IonQ during the fourth quarter valued at $84,000. 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.