IonQ (NYSE:IONQ) Shares Down 9.2% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 9.2% during mid-day trading on Monday . The company traded as low as $28.10 and last traded at $29.37. 29,094,280 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 46,557,852 shares. The stock had previously closed at $32.33.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. DA Davidson assumed coverage on IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group boosted their price objective on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC boosted their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark boosted 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Trading Up 18.2 %

The firm has a market capitalization of $7.55 billion, a P/E ratio of -43.06 and a beta of 2.43. The business has a 50-day moving average of $34.67 and a 200 day moving average of $18.09.

IonQ (NYSE:IONQ) last issued 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). The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s revenue for the quarter was up 102.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.22) earnings per share. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at approximately $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 ninety days, insiders sold 90,473 shares of company stock valued at $2,065,388. Corporate insiders own 11.60% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently modified their holdings of the business. Wealthcare Advisory Partners LLC bought a new position in shares of IonQ in the fourth quarter valued at approximately $215,000. Lauer Wealth LLC bought a new position in shares of IonQ in the fourth quarter valued at approximately $247,000. Sovereign Financial Group Inc. grew its holdings in shares of IonQ by 13.3% in the fourth quarter. Sovereign Financial Group Inc. now owns 34,466 shares of the company’s stock valued at $1,440,000 after acquiring an additional 4,044 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of IonQ in the fourth quarter valued at approximately $835,000. Finally, Friedenthal Financial bought a new position in shares of IonQ in the fourth quarter valued at approximately $850,000. 41.42% of the stock is owned by institutional investors.

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.