IonQ, Inc. (NYSE:IONQ – Get Free Report) traded down 4.9% on Wednesday . The company traded as low as $36.86 and last traded at $37.3760. Approximately 20,294,641 shares were traded during trading, a decline of 22% from the average daily volume of 25,986,281 shares. The stock had previously closed at $39.29.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Wedbush reissued an “outperform” rating and issued a $60.00 target price on shares of IonQ in a research report on Monday, May 4th. Northland Securities upped their target price on shares of IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $69.88.
Read Our Latest Stock Analysis on IONQ
IonQ Stock Performance
IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The company had revenue of $64.67 million for 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%.IonQ’s quarterly revenue was up 754.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.14) earnings per share. Equities research analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current year.
Insider Activity
In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. This represents a 2.62% decrease in their position. The transaction 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 company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction 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. Insiders have sold a total of 13,102 shares of company stock worth $701,489 over the last ninety days. Insiders own 0.55% of the company’s stock.
Institutional Investors Weigh In On IonQ
Hedge funds have recently made changes to their positions in the business. Accent Capital Management LLC grew its holdings in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after buying an additional 371 shares in the last quarter. Fortitude Family Office LLC raised its stake in IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after acquiring an additional 608 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in IonQ by 216.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after acquiring an additional 656 shares during the period. PeakShares LLC acquired a new position in IonQ during the 1st quarter worth $29,000. Finally, Beaird Harris Wealth Management LLC grew its stake in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after purchasing an additional 270 shares in the last quarter. 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.
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