IonQ (NYSE:IONQ) Shares Down 5.7% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) fell 5.7% during mid-day trading on Wednesday . The stock traded as low as $40.90 and last traded at $41.77. 15,266,852 shares were traded during mid-day trading, an increase of 42% from the average session volume of 10,735,969 shares. The stock had previously closed at $44.29.

Wall Street Analysts Forecast Growth

A number of analysts have commented on IONQ shares. Craig Hallum upped their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, DA Davidson began coverage on shares of IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.60.

IonQ Trading Up 3.2 %

The business has a 50-day moving average of $30.70 and a 200 day moving average of $16.06. The firm has a market capitalization of $9.33 billion, a P/E ratio of -53.21 and a beta of 2.49.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period last year, the business posted ($0.22) EPS. The company’s revenue was up 102.1% on a year-over-year basis. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $634,349.01. Following the sale, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,223 shares of company stock worth $2,286,983. 11.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently bought and sold shares of IONQ. Quest Partners LLC raised its holdings in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of IonQ during the 2nd quarter worth approximately $67,000. nVerses Capital LLC purchased a new position in shares of IonQ in the 3rd quarter worth approximately $72,000. Mosley Wealth Management bought a new position in shares of IonQ in the second quarter valued at approximately $81,000. Finally, Xponance Inc. purchased a new stake in shares of IonQ during the second quarter valued at approximately $88,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.