IonQ (NYSE:IONQ) Stock Price Down 9.7% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares fell 9.7% on Monday . The company traded as low as $21.30 and last traded at $22.39. 18,272,656 shares changed hands during trading, an increase of 134% from the average session volume of 7,805,218 shares. The stock had previously closed at $24.79.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IONQ. Benchmark upped their target price on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday. Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday. The Goldman Sachs Group dropped their price target on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a research report on Friday, August 9th. Finally, Craig Hallum lifted their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday.

IonQ Price Performance

The firm has a market capitalization of $4.93 billion, a P/E ratio of -27.64 and a beta of 1.89. The firm's fifty day moving average price is $11.13 and its 200-day moving average price is $9.02.

IonQ (NYSE:IONQ - Get Free Report) last announced 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 firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same period in the prior year, the business earned ($0.22) EPS. The company's quarterly revenue was up 102.1% compared to the same quarter last year. Analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the transaction, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Trading of IonQ

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of IonQ by 5.1% in the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company's stock valued at $188,062,000 after acquiring an additional 918,265 shares during the last quarter. SG Americas Securities LLC raised its position in IonQ by 27.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company's stock valued at $18,661,000 after purchasing an additional 569,906 shares during the last quarter. Bank of New York Mellon Corp raised its position in IonQ by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company's stock valued at $6,443,000 after purchasing an additional 131,439 shares during the last quarter. Carnegie Investment Counsel bought a new position in IonQ in the 3rd quarter valued at $5,036,000. Finally, Yong Rong HK Asset Management Ltd bought a new position in IonQ in the 3rd quarter valued at $3,749,000. 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.

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