IonQ (NYSE:IONQ) Trading Down 4.7% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price fell 4.7% during trading on Wednesday . The stock traded as low as $67.51 and last traded at $68.0150. 30,186,204 shares changed hands during trading, an increase of 14% from the average session volume of 26,513,984 shares. The stock had previously closed at $71.40.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Needham & Company LLC dropped their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Benchmark reduced their target price on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Northland Securities initiated coverage on IonQ in a research note on Monday, April 20th. They set an “outperform” rating and a $55.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Stock Performance

The company has a market cap of $22.95 billion, a PE ratio of -219.03 and a beta of 3.18. The stock has a 50 day moving average of $46.67 and a 200-day moving average of $44.09.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm had revenue of $64.67 million for the quarter, compared to analysts’ expectations of $49.75 million. During the same quarter in the previous year, the firm posted ($0.14) EPS. The firm’s revenue for the quarter was up 754.7% compared to the same quarter last year. Equities research analysts forecast that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Activity at IonQ

In other IonQ news, insider John W. Raymond sold 2,800 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares in the company, valued at approximately $2,799,326.42. This represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the sale, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ameriflex Group Inc. increased its stake in shares of IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares during the period. Accent Capital Management LLC raised its holdings in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after acquiring an additional 371 shares during the last quarter. Fortitude Family Office LLC lifted its stake in shares of IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of IonQ by 216.5% during the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after purchasing an additional 656 shares during the last quarter. Finally, PeakShares LLC acquired a new position in IonQ in the first quarter valued at $29,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.