IonQ (NYSE:IONQ) Shares Down 8.4% – What’s Next?

IonQ, Inc. (NYSE:IONQ) was down 8.4% during mid-day trading on Wednesday . The company traded as low as $39.45 and last traded at $40.16. Approximately 16,511,053 shares were traded during trading, an increase of 62% from the average daily volume of 10,166,919 shares. The stock had previously closed at $43.84.

Analyst Upgrades and Downgrades

IONQ has been the topic of several analyst reports. Craig Hallum lifted their price target on shares of IonQ from $15.00 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 company a “buy” rating in a research report on Thursday, November 7th. DA Davidson initiated coverage on IonQ in a research note on Thursday. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

IonQ Trading Up 0.7 %

The company’s fifty day moving average is $25.07 and its two-hundred day moving average is $13.74. The stock has a market cap of $8.17 billion, a price-to-earnings ratio of -46.62 and a beta of 2.49.

IonQ (NYSE:IONQ) last posted 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). 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 analysts’ expectations of $10.56 million. During the same quarter in the prior year, the firm posted ($0.22) EPS. IonQ’s quarterly revenue was up 102.1% compared to the same quarter last year. Analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the transaction, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This trade represents a 1.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’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 transaction of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after buying an additional 135,851 shares during the last quarter. Carnegie Investment Counsel purchased a new stake in IonQ during the third quarter worth approximately $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in IonQ in the third quarter valued at approximately $3,749,000. Rockefeller Capital Management L.P. increased its stake in IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after purchasing an additional 111,435 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in IonQ during the third quarter worth approximately $1,631,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.