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

IonQ, Inc. (NYSE:IONQ - Get Free Report) dropped 1.2% on Tuesday . The company traded as low as $49.06 and last traded at $50.46. Approximately 13,854,183 shares traded hands during trading, a decline of 36% from the average daily volume of 21,757,223 shares. The stock had previously closed at $51.07.

Analysts Set New Price Targets

IONQ has been the subject of a number of analyst reports. Benchmark lifted their target price 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. Needham & Company LLC raised their price target on shares of IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They set a "buy" rating and a $50.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $28.60.

IonQ Trading Down 2.6 %

The business has a fifty day moving average price of $32.53 and a 200-day moving average price of $16.96. The stock has a market capitalization of $10.76 billion, a PE ratio of -61.39 and a beta of 2.43.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $10.56 million. During the same quarter in the prior year, the company earned ($0.22) earnings per share. The company's revenue was up 102.1% compared to the same quarter last year. On average, equities analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares of the company's stock, valued at approximately $6,954,953.76. This trade represents a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,223 shares of company stock valued at $2,286,983. Corporate insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company's stock valued at $38,640,000 after buying an additional 199,360 shares during the period. State Street Corp boosted its position in shares of IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company's stock valued at $37,240,000 after buying an additional 75,596 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company's stock valued at $14,107,000 after buying an additional 135,851 shares during the period. Bank of New York Mellon Corp boosted its position in shares of IonQ by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company's stock valued at $6,443,000 after buying an additional 131,439 shares during the period. Finally, FMR LLC boosted its holdings in shares of IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company's stock valued at $5,354,000 after purchasing an additional 41,125 shares during the period. 41.42% of the stock is owned by institutional investors.

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.