IonQ (NYSE:IONQ) Shares Down 1.9% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 1.9% during mid-day trading on Wednesday . The company traded as low as $42.16 and last traded at $43.2650. Approximately 14,905,758 shares changed hands during trading, a decline of 41% from the average daily volume of 25,158,559 shares. The stock had previously closed at $44.12.

Analysts Set New Price Targets

IONQ has been the subject of a number of analyst reports. Jefferies Financial Group set a $75.00 price target on shares of IonQ in a research report on Thursday, August 6th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of IonQ in a research report on Thursday, August 6th. JPMorgan Chase & Co. raised their price objective on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Wall Street Zen cut IonQ from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price on shares of IonQ in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

IonQ Stock Performance

The firm’s fifty day simple moving average is $44.62 and its 200 day simple moving average is $43.16. The stock has a market capitalization of $17.16 billion, a P/E ratio of -9.67 and a beta of 3.28.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.23. The company had revenue of $80.05 million during the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The firm’s quarterly revenue was up 286.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.70) EPS. Analysts anticipate that IonQ, Inc. will post -2.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, insider John W. Raymond sold 3,815 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the sale, the insider directly owned 80,148 shares in the company, valued at $4,408,941.48. This represents a 4.54% 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, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares in the company, valued at approximately $613,581.54. This represents a 19.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,329 shares of company stock worth $513,216 over the last three months. Corporate 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 IONQ. Archer Investment Corp bought a new position in shares of IonQ in the second quarter worth about $25,000. Beaird Harris Wealth Management LLC boosted its holdings in shares of IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after acquiring an additional 270 shares in the last quarter. EFG International AG acquired a new stake in shares of IonQ during the 2nd quarter valued at $30,000. Accent Capital Management LLC grew its position in IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares during the last quarter. Finally, Kelleher Financial Advisors bought a new stake in IonQ during the 3rd quarter worth $36,000. 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.