IonQ (NYSE:IONQ) Shares Down 4.2% – Here’s What Happened

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Northland Securities boosted their price objective on IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Wedbush restated an “outperform” rating and issued a $60.00 target price on shares of IonQ in a research note on Monday, May 4th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of IonQ in a research report on Thursday, June 11th. Jefferies Financial Group set a $85.00 price target on shares of IonQ in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average price target of $69.88.

IonQ Price Performance

The company has a market cap of $16.01 billion, a P/E ratio of -153.21 and a beta of 3.23. The company has a 50 day moving average of $55.81 and a 200-day moving average of $45.00.

IonQ (NYSE:IONQ) last announced its 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). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. During the same quarter in the prior year, the company earned ($0.14) earnings per share. IonQ’s revenue was up 754.7% compared to the same quarter last year. Research analysts anticipate that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Activity at IonQ

In related news, Director Kathryn K. Chou sold 2,757 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total value of $151,690.14. Following the sale, the director directly owned 62,608 shares of the company’s stock, valued at $3,444,692.16. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was 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 approximately $6,984,353.30. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 13,102 shares of company stock valued at $701,489. Company insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB raised its position in IonQ by 41.2% during the second quarter. Handelsbanken Fonder AB now owns 130,200 shares of the company’s stock valued at $6,934,000 after purchasing an additional 38,000 shares in the last quarter. Fulton Bank N.A. purchased a new position in shares of IonQ in the 2nd quarter worth about $202,000. Wealthcare Advisory Partners LLC increased its position in shares of IonQ by 33.9% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 11,541 shares of the company’s stock valued at $615,000 after purchasing an additional 2,923 shares during the last quarter. Bay Rivers Group bought a new position in shares of IonQ during the 2nd quarter valued at about $337,000. Finally, Adamsbrown Wealth Consultants LLC purchased a new position in shares of IonQ during the 2nd quarter valued at about $221,000. 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.