IonQ (NYSE:IONQ) Stock Price Down 0.4% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price dropped 0.4% during trading on Thursday . The stock traded as low as $42.56 and last traded at $44.42. Approximately 8,641,279 shares traded hands during trading, a decline of 18% from the average daily volume of 10,573,420 shares. The stock had previously closed at $44.58.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IONQ. DA Davidson began coverage on IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target on the stock. Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC boosted their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark increased their price target on shares of 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 given a buy rating to the stock. According to data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $28.60.

IonQ Trading Down 5.7 %

The firm has a market capitalization of $9.84 billion, a P/E ratio of -56.15 and a beta of 2.49. The business has a 50 day moving average of $29.04 and a 200-day moving average of $15.27.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm’s revenue was up 102.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.22) EPS. On average, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock valued at $2,286,983 in the last 90 days. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

Hedge funds have recently modified their holdings of the stock. Quest Partners LLC boosted its position 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 purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new stake in shares of IonQ in the 2nd quarter valued at approximately $67,000. nVerses Capital LLC acquired a new stake in shares of IonQ in the 3rd quarter valued at approximately $72,000. Mosley Wealth Management bought a new position in shares of IonQ in the second quarter valued at $81,000. Finally, Xponance Inc. acquired a new position in IonQ during the second quarter worth $88,000. 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.