IonQ (NYSE:IONQ) Stock Price Down 4.2% – What’s Next?

IonQ, Inc. (NYSE:IONQ) shares traded down 4.2% during mid-day trading on Friday . The stock traded as low as $42.40 and last traded at $42.8980. Approximately 14,413,089 shares changed hands during trading, a decline of 45% from the average daily volume of 26,111,949 shares. The stock had previously closed at $44.77.

Wall Street Analyst Weigh In

IONQ has been the subject of several recent research reports. Northland Securities boosted their target price on shares of IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Jefferies Financial Group set a $85.00 price target on shares of IonQ in a research report on Thursday, May 7th. Morgan Stanley set a $48.50 price target on shares of IonQ in a report on Thursday, May 7th. Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective on shares of IonQ in a research report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.88.

IonQ Trading Down 4.2%

The firm has a market cap of $16.01 billion, a price-to-earnings ratio of -153.21 and a beta of 3.23. The stock has a 50-day moving average of $55.79 and a 200-day moving average of $45.01.

IonQ (NYSE:IONQ) last issued its 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). The company had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ’s quarterly revenue was up 754.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.14) earnings per share. As a group, research analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Activity

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the business’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 transaction, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. The trade was a 2.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $151,662.57. Following the transaction, the director directly owned 11,154 shares of the company’s stock, valued at $613,581.54. The trade was a 19.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,102 shares of company stock worth $701,489 over the last ninety days. Insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On IonQ

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of IonQ by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after buying an additional 5,420,037 shares during the period. Norges Bank acquired a new stake in IonQ in the 4th quarter valued at approximately $199,753,000. Marex Group plc increased its position in IonQ by 419.1% in the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after acquiring an additional 3,296,866 shares during the period. State Street Corp raised its stake in IonQ by 42.3% during the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after acquiring an additional 2,663,230 shares in the last quarter. Finally, Clear Street Group Inc. raised its stake in IonQ by 219.6% during the 4th quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock valued at $143,396,000 after acquiring an additional 2,196,017 shares in the last quarter. 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. 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.