IonQ (NYSE:IONQ) Stock Price Down 8.4% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares were down 8.4% on Wednesday . The company traded as low as $39.45 and last traded at $40.16. Approximately 16,511,053 shares changed hands during mid-day trading, an increase of 62% from the average daily volume of 10,166,919 shares. The stock had previously closed at $43.84.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on IONQ shares. Benchmark lifted their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum boosted their target price on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Stock Performance

The firm has a market capitalization of $9.17 billion, a PE ratio of -52.30 and a beta of 2.49. The firm has a fifty day moving average of $23.95 and a 200 day moving average of $13.40.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the prior year, the company posted ($0.22) EPS. The company’s revenue for the quarter was up 102.1% on a year-over-year basis. Research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the sale, the executive now directly owns 571,321 shares in the company, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,223 shares of company stock worth $2,286,983. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of hedge funds have recently modified their holdings of IONQ. Charles Schwab Investment Management Inc. raised its position in shares of IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares during the period. Carnegie Investment Counsel bought a new stake in shares of IonQ in the 3rd quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of IonQ in the 3rd quarter worth approximately $3,749,000. Rockefeller Capital Management L.P. lifted its position in shares of IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after buying an additional 111,435 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in IonQ in the third quarter valued at $1,631,000. Hedge funds and other 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.