IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price was down 3% during mid-day trading on Monday . The company traded as low as $37.00 and last traded at $39.56. Approximately 12,384,047 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 41,128,281 shares. The stock had previously closed at $40.76.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on IONQ shares. Needham & Company LLC raised their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum increased their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Finally, DA Davidson began coverage on IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, IonQ has an average rating of “Moderate Buy” and a consensus price target of $33.00.
View Our Latest Research Report on IonQ
IonQ Stock Performance
IonQ (NYSE:IONQ – Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter last year, the business posted ($0.22) EPS. IonQ’s revenue for the quarter was up 102.1% on a year-over-year basis. Sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.
Insider Activity at IonQ
In other news, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,223 shares of company stock worth $1,314,652. Corporate insiders own 11.60% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of IonQ by 9.2% during the 3rd 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 last quarter. Carnegie Investment Counsel bought a new stake in shares of IonQ during the third quarter worth $5,036,000. Yong Rong HK Asset Management Ltd acquired a new position in shares of IonQ during the third quarter worth $3,749,000. Rockefeller Capital Management L.P. boosted its holdings 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 valued at $3,825,000 after acquiring an additional 111,435 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in IonQ during the 3rd quarter worth $1,631,000. Institutional investors and hedge funds 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.
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