IonQ (NYSE:IONQ) Sets New 12-Month Low at $6.93

IonQ, Inc. (NYSE:IONQ) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $6.93 and last traded at $6.96, with a volume of 3027971 shares trading hands. The stock had previously closed at $7.21.

Analysts Set New Price Targets

Several brokerages recently issued reports on IONQ. The Goldman Sachs Group decreased their price objective on IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of IonQ in a research report on Thursday, May 16th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and an average price target of $16.50.

IonQ Stock Performance

The business has a 50-day simple moving average of $8.18 and a two-hundred day simple moving average of $10.07.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.07. IonQ had a negative return on equity of 31.76% and a negative net margin of 671.00%. The company had revenue of $7.58 million during the quarter, compared to the consensus estimate of $7.08 million. During the same quarter in the prior year, the firm posted ($0.14) EPS. The firm’s revenue for the quarter was up 76.9% compared to the same quarter last year. Sell-side analysts expect that IonQ, Inc. will post -0.89 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,807 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total transaction of $77,377.23. Following the sale, the executive now directly owns 687,840 shares of the company’s stock, valued at approximately $5,427,057.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CRO Rima Alameddine sold 9,807 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total value of $77,377.23. Following the sale, the executive now directly owns 687,840 shares of the company’s stock, valued at $5,427,057.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter Hume Chapman sold 5,936 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $46,835.04. Following the completion of the sale, the chief executive officer now directly owns 445,297 shares in the company, valued at $3,513,393.33. The disclosure for this sale can be found here. Insiders have sold 20,353 shares of company stock worth $160,585 in the last 90 days. Company insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

A number of hedge funds have recently made changes to their positions in IONQ. FNY Investment Advisers LLC raised its position in shares of IonQ by 28.0% during the fourth quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company’s stock worth $56,000 after acquiring an additional 990 shares during the last quarter. C M Bidwell & Associates Ltd. raised its position in shares of IonQ by 61.2% during the third quarter. C M Bidwell & Associates Ltd. now owns 4,542 shares of the company’s stock worth $68,000 after acquiring an additional 1,724 shares during the last quarter. National Bank of Canada FI raised its position in shares of IonQ by 26.1% during the fourth quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock worth $97,000 after acquiring an additional 1,655 shares during the last quarter. QCM Cayman Ltd. bought a new position in shares of IonQ during the first quarter worth about $120,000. Finally, Prospect Financial Services LLC bought a new position in shares of IonQ during the fourth quarter worth about $124,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.