IonQ, Inc. (NYSE:IONQ – Get Free Report)’s share price was down 2.2% on Wednesday . The company traded as low as $34.66 and last traded at $34.7180. Approximately 14,791,013 shares changed hands during trading, a decline of 43% from the average daily volume of 25,772,086 shares. The stock had previously closed at $35.51.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a research report on Monday, May 4th. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Jefferies Financial Group set a $85.00 target price on IonQ in a research report on Thursday, May 7th. Finally, Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $69.88.
View Our Latest Stock Analysis on IonQ
IonQ Price Performance
IonQ (NYSE:IONQ – Get Free Report) last released 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). The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business’s quarterly revenue was up 754.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.14) EPS. As a group, research analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current year.
Insider Activity
In related news, Director Kathryn K. Chou sold 2,757 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the transaction, the director owned 62,608 shares in the company, valued at $3,444,692.16. The trade was a 4.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the transaction, the director owned 11,154 shares of the company’s stock, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 13,102 shares of company stock valued at $701,489. 0.55% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On IonQ
Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in IonQ by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after purchasing an additional 5,420,037 shares in the last quarter. State Street Corp lifted its stake in shares of IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after buying an additional 2,663,230 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of IonQ by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock worth $361,624,000 after buying an additional 1,452,463 shares in the last quarter. Norges Bank purchased a new stake in shares of IonQ during the fourth quarter valued at approximately $199,753,000. Finally, Marex Group plc increased its position in shares of IonQ by 419.1% during the fourth 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 in the last quarter. 41.42% of the stock is currently owned by institutional investors.
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.
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