IonQ (NYSE:IONQ) Shares Down 2.1% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price traded down 2.1% on Friday . The stock traded as low as $49.28 and last traded at $49.3870. 13,594,027 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 16,473,168 shares. The stock had previously closed at $50.45.

Wall Street Analyst Weigh In

IONQ has been the subject of several research reports. Morgan Stanley lifted their price target on IonQ from $32.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 4th. Zacks Research upgraded shares of IonQ from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. B. Riley increased their price target on shares of IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. DA Davidson raised their price objective on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of IonQ in a research report on Thursday, November 6th. Nine analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, IonQ presently has a consensus rating of “Hold” and a consensus price target of $72.08.

IonQ Trading Down 2.1%

The company has a market capitalization of $17.16 billion, a price-to-earnings ratio of -9.23 and a beta of 2.63. The company’s 50 day simple moving average is $49.82 and its 200-day simple moving average is $50.81.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The business had revenue of $39.87 million during the quarter, compared to analysts’ expectations of $26.99 million. During the same period in the prior year, the firm earned ($0.24) EPS. IonQ’s revenue for the quarter was up 221.5% on a year-over-year basis. Sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the completion of the transaction, the executive owned 432,616 shares of the company’s stock, valued at approximately $20,285,364.24. This represents a 18.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kathryn K. Chou sold 20,000 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the transaction, the director directly owned 60,839 shares in the company, valued at approximately $3,127,124.60. This represents a 24.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 125,000 shares of company stock valued at $5,992,000. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of the company. Archer Investment Corp grew its holdings in shares of IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock worth $25,000 after purchasing an additional 322 shares during the period. Stone House Investment Management LLC lifted its position in IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after buying an additional 350 shares in the last quarter. Ameriflex Group Inc. grew its stake in 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. Hilltop National Bank increased its position in shares of IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after acquiring an additional 225 shares in the last quarter. Finally, Financial Consulate Inc. purchased a new position in shares of IonQ in the 3rd 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.