IonQ (NYSE:IONQ) Shares Gap Down to $7.37

IonQ, Inc. (NYSE:IONQ) gapped down before the market opened on Friday . The stock had previously closed at $7.37, but opened at $7.21. IonQ shares last traded at $7.25, with a volume of 654,202 shares.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of research reports. The Goldman Sachs Group reduced their price target on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of IonQ in a report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

IonQ Trading Down 2.6 %

The business’s fifty day moving average price is $9.74 and its 200 day moving average price is $11.47.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 715.77% and a negative return on equity of 28.27%. On average, research analysts anticipate that IonQ, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas G. Kramer sold 19,672 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $200,654.40. Following the completion of the sale, the chief financial officer now owns 954,224 shares in the company, valued at approximately $9,733,084.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other IonQ news, CRO Rima Alameddine sold 27,212 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $277,562.40. Following the completion of the sale, the executive now owns 697,647 shares in the company, valued at approximately $7,115,999.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 19,672 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $200,654.40. Following the completion of the sale, the chief financial officer now owns 954,224 shares of the company’s stock, valued at approximately $9,733,084.80. The disclosure for this sale can be found here. Insiders sold 86,556 shares of company stock worth $882,871 in the last quarter. 13.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Harbour Investments Inc. boosted its stake in IonQ by 193.2% during the 2nd quarter. Harbour Investments Inc. now owns 2,932 shares of the company’s stock worth $40,000 after acquiring an additional 1,932 shares during the last quarter. KBC Group NV bought a new position in IonQ in the fourth quarter valued at approximately $50,000. Nisa Investment Advisors LLC lifted its stake in IonQ by 32.9% in the third quarter. Nisa Investment Advisors LLC now owns 4,038 shares of the company’s stock valued at $60,000 after buying an additional 1,000 shares in the last quarter. FNY Investment Advisers LLC lifted its stake in IonQ by 28.0% in the fourth quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company’s stock valued at $56,000 after buying an additional 990 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. lifted its stake in IonQ by 61.2% in the third quarter. C M Bidwell & Associates Ltd. now owns 4,542 shares of the company’s stock valued at $68,000 after buying an additional 1,724 shares in the last quarter. Institutional investors and hedge funds 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.