IonQ (NYSE:IONQ) Trading Down 1.7%

IonQ, Inc. (NYSE:IONQ)’s stock price fell 1.7% during mid-day trading on Tuesday . The stock traded as low as $9.32 and last traded at $9.39. 1,810,775 shares changed hands during trading, a decline of 74% from the average session volume of 7,079,790 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

Several brokerages recently issued reports on IONQ. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of IonQ in a research report on Thursday, February 29th. The Goldman Sachs Group lowered their target price on IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.50.

IonQ Stock Performance

The stock has a fifty day simple moving average of $10.44 and a two-hundred day simple moving average of $12.25. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -12.26 and a beta of 2.16.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, February 28th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.03. The company had revenue of $6.11 million during the quarter, compared to the consensus estimate of $5.70 million. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. Research analysts forecast that IonQ, Inc. will post -1.24 earnings per share for the current year.

Insider Activity

In other news, CFO Thomas G. Kramer sold 19,672 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.20, for a total value of $200,654.40. Following the completion of the sale, the chief financial officer now directly owns 954,224 shares in the company, valued at approximately $9,733,084.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other IonQ news, CTO Jungsang Kim sold 10,220 shares of IonQ stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $104,244.00. Following the transaction, the chief technology officer now owns 6,619,941 shares of the company’s stock, valued at approximately $67,523,398.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas G. Kramer sold 19,672 shares of IonQ stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $200,654.40. Following the transaction, the chief financial officer now directly owns 954,224 shares in the company, valued at approximately $9,733,084.80. The disclosure for this sale can be found here. Insiders sold a total of 86,556 shares of company stock worth $882,871 in the last three months. Company insiders own 13.00% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently modified their holdings of IONQ. Quantbot Technologies LP bought a new stake in shares of IonQ in the 2nd quarter worth approximately $28,000. Huntington National Bank raised its holdings in shares of IonQ by 250,000.0% in the 2nd quarter. Huntington National Bank now owns 2,501 shares of the company’s stock worth $34,000 after purchasing an additional 2,500 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in shares of IonQ in the 4th quarter worth approximately $37,000. C M Bidwell & Associates Ltd. bought a new stake in shares of IonQ in the 2nd quarter worth approximately $38,000. Finally, Harbour Investments Inc. raised its holdings in shares of IonQ by 193.2% in the 2nd quarter. Harbour Investments Inc. now owns 2,932 shares of the company’s stock worth $40,000 after purchasing an additional 1,932 shares during the period. Institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

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.