IonQ (NYSE:IONQ) Shares Gap Down to $7.37

IonQ, Inc. (NYSE:IONQ) gapped down prior to trading on Friday . The stock had previously closed at $7.37, but opened at $7.21. IonQ shares last traded at $7.25, with a volume of 654,202 shares.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. The Goldman Sachs Group cut their price target on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of IonQ in a research note on Thursday, February 29th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

IonQ Trading Down 3.8 %

The business’s fifty day moving average price is $9.66 and its 200-day moving average price is $11.40. The company has a market capitalization of $1.48 billion, a P/E ratio of -9.09 and a beta of 2.14.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.03. The firm had revenue of $6.11 million during the quarter, compared to analyst estimates of $5.70 million. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. As a group, equities research analysts forecast that IonQ, Inc. will post -1.24 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, CTO Jungsang Kim sold 10,220 shares of IonQ stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $104,244.00. Following the transaction, the chief technology officer now owns 6,619,941 shares in the company, valued at approximately $67,523,398.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Peter Hume Chapman sold 29,452 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $300,410.40. Following the completion of the sale, the chief executive officer now owns 451,233 shares of the company’s stock, valued at $4,602,576.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $104,244.00. Following the completion of the transaction, the chief technology officer now owns 6,619,941 shares in the company, valued at approximately $67,523,398.20. The disclosure for this sale can be found here. Insiders have sold 86,556 shares of company stock worth $882,871 over the last ninety days. Insiders own 13.00% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Quantbot Technologies LP bought a new position in IonQ during the 2nd quarter valued at approximately $28,000. Raymond James Financial Services Advisors Inc. bought a new position in shares of IonQ during the fourth quarter valued at approximately $37,000. Harbour Investments Inc. lifted its stake in IonQ by 193.2% in the second quarter. Harbour Investments Inc. now owns 2,932 shares of the company’s stock worth $40,000 after acquiring an additional 1,932 shares during the period. Captrust Financial Advisors purchased a new stake in IonQ in the second quarter worth $44,000. Finally, KBC Group NV bought a new stake in IonQ in the fourth quarter valued at $50,000. 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.