IonQ, Inc. (NYSE:IONQ – Get Rating)’s stock price gapped down prior to trading on Wednesday after Benchmark lowered their price target on the stock from $15.00 to $12.00. The stock had previously closed at $8.38, but opened at $8.02. IonQ shares last traded at $7.84, with a volume of 98,816 shares changing hands.
Several other equities analysts have also commented on IONQ. Needham & Company LLC started coverage on IonQ in a research note on Tuesday, June 7th. They issued a “buy” rating and a $9.00 target price for the company. Craig Hallum dropped their price target on IonQ from $26.00 to $12.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Finally, The Goldman Sachs Group upped their price target on IonQ from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Tuesday.
Insider Activity
In related news, CTO Jungsang Kim bought 5,000 shares of the stock in a transaction dated Wednesday, June 1st. The stock was acquired at an average price of $5.50 per share, for a total transaction of $27,500.00. Following the completion of the purchase, the chief technology officer now owns 5,000 shares in the company, valued at $27,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other IonQ news, CTO Jungsang Kim purchased 5,000 shares of IonQ stock in a transaction that occurred on Wednesday, June 1st. The stock was purchased at an average price of $5.50 per share, with a total value of $27,500.00. Following the completion of the acquisition, the chief technology officer now owns 5,000 shares of the company’s stock, valued at approximately $27,500. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Enterprise Associates 15 New sold 498,614 shares of the stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $5.65, for a total value of $2,817,169.10. Following the completion of the transaction, the insider now directly owns 26,306,693 shares of the company’s stock, valued at approximately $148,632,815.45. The disclosure for this sale can be found here. Insiders own 14.10% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of IONQ. Captrust Financial Advisors bought a new position in IonQ during the 2nd quarter worth approximately $44,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of IonQ during the 2nd quarter worth approximately $108,000. Paloma Partners Management Co acquired a new stake in shares of IonQ during the 2nd quarter worth approximately $53,000. State Street Corp raised its position in shares of IonQ by 485.5% during the 2nd quarter. State Street Corp now owns 2,197,266 shares of the company’s stock worth $9,624,000 after purchasing an additional 1,821,999 shares during the period. Finally, Cubist Systematic Strategies LLC raised its position in shares of IonQ by 62.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 257,652 shares of the company’s stock worth $1,129,000 after purchasing an additional 99,114 shares during the period. Hedge funds and other institutional investors own 39.92% of the company’s stock.
IonQ Trading Down 5.0 %
The business has a 50-day moving average price of $5.18 and a two-hundred day moving average price of $8.76. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -14.72 and a beta of 1.83.
IonQ (NYSE:IONQ – Get Rating) last announced its quarterly earnings results on Monday, May 16th. The company reported ($0.09) earnings per share for the quarter. IonQ had a negative return on equity of 9.78% and a negative net margin of 1,470.75%. The company had revenue of $1.95 million for the quarter.
About IonQ
IonQ, Inc engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. 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.