IonQ (NYSE:IONQ) Stock Price Down 6.2% - What's Next?

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price fell 6.2% during mid-day trading on Monday . The stock traded as low as $38.77 and last traded at $38.96. Approximately 30,616,636 shares traded hands during mid-day trading, an increase of 8% from the average session volume of 28,367,466 shares. The stock had previously closed at $41.55.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on IONQ shares. DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They set a "buy" rating and a $50.00 price objective for the company. Craig Hallum upped their price target on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, December 20th. The Goldman Sachs Group boosted their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. Needham & Company LLC increased 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. Finally, Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

IonQ Price Performance

The stock has a market cap of $8.43 billion, a price-to-earnings ratio of -48.09 and a beta of 2.43. The stock's 50 day simple moving average is $35.80 and its two-hundred day simple moving average is $18.78.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 102.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.22) earnings per share. As a group, analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares of the company's stock, valued at $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Rima Alameddine sold 21,337 shares of the business's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares of the company's stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,098 shares of company stock worth $1,909,323 in the last three months. Insiders own 11.60% of the company's stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently added to or reduced their stakes in the company. City State Bank acquired a new stake in IonQ during the 4th quarter worth $36,000. Versant Capital Management Inc boosted its position in shares of IonQ by 1,348.5% in the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company's stock worth $40,000 after purchasing an additional 890 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of IonQ during the fourth quarter worth $42,000. GAMMA Investing LLC increased its holdings in IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock valued at $47,000 after purchasing an additional 480 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in IonQ in the third quarter valued at about $72,000. 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.