IonQ (NYSE:IONQ) Trading Down 2.4% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price traded down 2.4% on Tuesday . The stock traded as low as $39.25 and last traded at $40.82. 17,033,527 shares changed hands during mid-day trading, an increase of 69% from the average session volume of 10,087,204 shares. The stock had previously closed at $41.81.

Wall Street Analyst Weigh In

Several research firms have recently commented on IONQ. Needham & Company LLC boosted their price target on shares of IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Craig Hallum boosted their target price on IonQ from $15.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Finally, Benchmark lifted their price target on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th.

IonQ Price Performance

The stock's fifty day moving average is $23.95 and its 200-day moving average is $13.40. The stock has a market capitalization of $9.49 billion, a P/E ratio of -54.12 and a beta of 2.49.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) 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 analyst estimates of $10.56 million. During the same period in the prior year, the company posted ($0.22) EPS. The business's revenue was up 102.1% on a year-over-year basis. On average, research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In related news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares of the company's stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 22,875 shares of the business's 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 sale, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 110,223 shares of company stock valued at $2,286,983. Company insiders own 11.60% of the company's stock.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently bought and sold shares of the business. Quest Partners LLC lifted its position in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after buying an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new position in shares of IonQ during the second quarter valued at $67,000. nVerses Capital LLC acquired a new stake in shares of IonQ in the 3rd quarter valued at $72,000. Mosley Wealth Management bought a new stake in shares of IonQ in the 2nd quarter worth about $81,000. Finally, Xponance Inc. acquired a new stake in shares of IonQ during the 2nd quarter worth about $88,000. 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.