IonQ (NYSE:IONQ) Trading Down 1.2% - What's Next?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were 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 traded hands during 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 analyst reports. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They issued a "buy" rating and a $50.00 price target for the company. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Craig Hallum upped their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Finally, The Goldman Sachs Group raised their price target on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, IonQ has an average rating of "Moderate Buy" and an average target price of $33.00.

IonQ Price Performance

The stock has a fifty day moving average of $35.13 and a 200 day moving average of $18.23. The firm has a market capitalization of $9.01 billion, a P/E ratio of -51.42 and a beta of 2.43.

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

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the business's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now directly owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 value of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,473 shares of company stock worth $2,065,388 over the last three months. 11.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Several large investors have recently modified their holdings of IONQ. Rhumbline Advisers lifted its stake in shares of IonQ by 13.5% during the 2nd quarter. Rhumbline Advisers now owns 295,918 shares of the company's stock valued at $2,080,000 after buying an additional 35,158 shares in the last quarter. Arizona State Retirement System lifted its position in shares of IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company's stock worth $348,000 after acquiring an additional 1,731 shares in the last quarter. Quest Partners LLC boosted its holdings in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after acquiring an additional 6,368 shares during the period. Xponance Inc. purchased a new position in shares of IonQ in the second quarter valued at $88,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of IonQ by 16.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company's stock valued at $814,000 after purchasing an additional 16,642 shares during the period. Hedge funds and other 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.