IonQ (NYSE:IONQ) Stock Price Down 1.5% – What’s Next?
by Doug Wharley · The Cerbat GemIonQ, Inc. (NYSE:IONQ – Get Free Report) traded down 1.5% on Tuesday . The stock traded as low as $45.51 and last traded at $48.5750. 22,013,519 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 25,676,412 shares. The stock had previously closed at $49.31.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Benchmark dropped their price objective on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Jefferies Financial Group set a $85.00 price objective on IonQ in a report on Thursday, May 7th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a report on Monday, May 4th. Wall Street Zen cut IonQ from a “sell” rating to a “strong sell” rating in a report on Monday, May 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.63.
Check Out Our Latest Stock Report on IONQ
IonQ Stock Performance
The company has a market cap of $18.13 billion, a price-to-earnings ratio of -173.48 and a beta of 3.05. The business has a fifty day moving average price of $38.72 and a 200 day moving average price of $43.30.
IonQ (NYSE:IONQ – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS 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 for the quarter, compared to analyst estimates of $49.75 million. During the same period last year, the firm posted ($0.14) EPS. IonQ’s quarterly revenue was up 754.7% on a year-over-year basis. As a group, equities analysts anticipate that IonQ, Inc. will post -2.26 EPS for the current year.
Insider Buying and Selling
In related news, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction 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 sale, the insider owned 139,967 shares in the company, valued at $6,984,353.30. The trade was a 2.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the sale, the insider owned 83,963 shares in the company, valued at $2,799,326.42. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,354 shares of company stock worth $504,428 in the last 90 days. Insiders own 5.20% of the company’s stock.
Institutional Investors Weigh In On IonQ
Institutional investors have recently made changes to their positions in the stock. Ameriflex Group Inc. grew its position in shares of IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after buying an additional 340 shares during the last quarter. Accent Capital Management LLC grew its position in shares of IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after buying an additional 371 shares during the last quarter. Fortitude Family Office LLC grew its position in shares of IonQ by 3,800.0% in the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after buying an additional 608 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of IonQ by 216.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after buying an additional 656 shares during the last quarter. Finally, PeakShares LLC bought a new stake in shares of IonQ in the 1st quarter valued at about $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.