IonQ (NYSE:IONQ) Shares Down 5.1%

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price traded down 5.1% during mid-day trading on Monday . The company traded as low as $7.30 and last traded at $7.31. 2,404,044 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 5,898,762 shares. The stock had previously closed at $7.70.

Analyst Upgrades and Downgrades

IONQ has been the subject of several recent research reports. The Goldman Sachs Group reduced their price objective on IonQ from $13.00 to $11.50 and set a "neutral" rating for the company in a research note on Thursday, February 29th. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 target price on shares of IonQ in a research report on Thursday, May 16th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.50.

IonQ Price Performance

The stock has a 50 day simple moving average of $8.28 and a two-hundred day simple moving average of $10.21. The company has a market cap of $1.60 billion, a price-to-earnings ratio of -9.10 and a beta of 2.11.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.07. IonQ had a negative return on equity of 31.76% and a negative net margin of 671.00%. The business had revenue of $7.58 million for the quarter, compared to analyst estimates of $7.08 million. During the same quarter in the previous year, the firm earned ($0.14) EPS. The company's quarterly revenue was up 76.9% compared to the same quarter last year. As a group, research analysts forecast that IonQ, Inc. will post -0.89 EPS for the current year.

Insider Activity

In other news, CFO Thomas G. Kramer sold 4,610 shares of IonQ stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $36,372.90. Following the sale, the chief financial officer now owns 949,614 shares of the company's stock, valued at approximately $7,492,454.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Thomas G. Kramer sold 4,610 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $36,372.90. Following the completion of the transaction, the chief financial officer now directly owns 949,614 shares in the company, valued at approximately $7,492,454.46. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Peter Hume Chapman sold 5,936 shares of the firm's stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total value of $46,835.04. Following the sale, the chief executive officer now directly owns 445,297 shares of the company's stock, valued at $3,513,393.33. The disclosure for this sale can be found here. Insiders sold a total of 20,353 shares of company stock valued at $160,585 in the last 90 days. Company insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Verity Asset Management Inc. grew its stake in IonQ by 41.6% during the 1st quarter. Verity Asset Management Inc. now owns 26,863 shares of the company's stock worth $268,000 after purchasing an additional 7,888 shares in the last quarter. Virtu Financial LLC boosted its stake in shares of IonQ by 22.5% in the 1st quarter. Virtu Financial LLC now owns 54,755 shares of the company's stock valued at $547,000 after buying an additional 10,074 shares during the period. California State Teachers Retirement System grew its position in shares of IonQ by 6.9% during the first quarter. California State Teachers Retirement System now owns 172,959 shares of the company's stock worth $1,728,000 after buying an additional 11,150 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in shares of IonQ by 234.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 41,375 shares of the company's stock worth $413,000 after buying an additional 29,000 shares during the period. Finally, Oxford Wealth Group LLC purchased a new stake in shares of IonQ during the first quarter worth approximately $174,000. 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.