IonQ (NYSE:IONQ) Stock Price Down 3.2% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price was down 3.2% during mid-day trading on Wednesday . The company traded as low as $51.40 and last traded at $51.5310. Approximately 14,321,639 shares were traded during trading, a decline of 46% from the average session volume of 26,639,699 shares. The stock had previously closed at $53.26.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price target on IonQ in a research report on Thursday, May 7th. Wedbush restated an “outperform” rating and set a $60.00 price objective on shares of IonQ in a research note on Monday, May 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, June 11th. Finally, Northland Securities upped their target price on IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $69.88.

IonQ Stock Performance

The stock has a market capitalization of $18.34 billion, a P/E ratio of -175.50 and a beta of 3.23. The firm’s fifty day simple moving average is $55.54 and its 200 day simple moving average is $45.04.

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

Insiders Place Their Bets

In other IonQ news, Director Kathryn K. Chou sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the sale, the director owned 62,608 shares of the company’s stock, valued at approximately $3,444,692.16. This trade represents a 4.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John W. Raymond sold 3,815 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the transaction, the insider directly owned 80,148 shares of the company’s stock, valued at $4,408,941.48. This trade represents a 4.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,102 shares of company stock valued at $701,489 over the last ninety days. Company insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ameriflex Group Inc. lifted its holdings in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after acquiring an additional 340 shares during the last quarter. Accent Capital Management LLC grew its holdings in shares of IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the last quarter. Fortitude Family Office LLC grew its holdings 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 valued at $28,000 after purchasing an additional 608 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in IonQ by 216.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after purchasing an additional 656 shares in the last quarter. Finally, PeakShares LLC acquired a new position in IonQ during the 1st quarter worth approximately $29,000. 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. 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.