IonQ (NYSE:IONQ) Shares Down 0.6% - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was down 0.6% during trading on Thursday . The company traded as low as $11.62 and last traded at $12.23. Approximately 6,634,586 shares changed hands during mid-day trading, an increase of 9% from the average daily volume of 6,060,747 shares. The stock had previously closed at $12.30.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IONQ. The Goldman Sachs Group lowered their price target on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. Benchmark lowered their target price on IonQ from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 12th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 target price on shares of IonQ in a research report on Wednesday, October 2nd. Finally, Craig Hallum reduced their price target on shares of IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, IonQ has a consensus rating of "Moderate Buy" and an average target price of $12.00.

IonQ Stock Performance

The stock has a fifty day moving average of $8.17 and a 200 day moving average of $8.09. The company has a market capitalization of $2.64 billion, a P/E ratio of -15.02 and a beta of 2.05.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to analysts' expectations of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business's quarterly revenue was up 106.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.16) EPS. Research analysts anticipate that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,159 shares of the firm's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Institutional investors have recently made changes to their positions in the business. Quest Partners LLC grew its stake in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock valued at $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of IonQ during the 2nd quarter valued at about $67,000. nVerses Capital LLC purchased a new position in shares of IonQ during the third quarter valued at about $72,000. Mosley Wealth Management bought a new stake in shares of IonQ in the second quarter worth about $81,000. Finally, Xponance Inc. purchased a new stake in shares of IonQ in the second quarter worth about $88,000. 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.