IonQ (NYSE:IONQ) Shares Down 2.7% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price traded down 2.7% on Tuesday . The company traded as low as $10.52 and last traded at $10.55. 5,536,690 shares were traded during trading, a decline of 7% from the average session volume of 5,968,193 shares. The stock had previously closed at $10.84.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IONQ shares. Benchmark lowered their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Craig Hallum dropped their price target on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of IonQ in a research report on Wednesday, October 2nd. Finally, The Goldman Sachs Group dropped their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Performance

The firm has a market capitalization of $2.21 billion, a P/E ratio of -12.71 and a beta of 2.05. The business has a fifty day moving average of $7.89 and a 200-day moving average of $8.02.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The company had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same period last year, the company earned ($0.16) earnings per share. On average, equities research analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Trading of IonQ

Several institutional investors have recently modified their holdings of the company. Quest Partners LLC raised its position in shares of IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ during the second quarter worth $67,000. Mosley Wealth Management purchased a new stake in shares of IonQ during the second quarter worth $81,000. Xponance Inc. purchased a new stake in shares of IonQ during the second quarter worth $88,000. Finally, DNB Asset Management AS bought a new stake in IonQ in the second quarter worth $117,000. Institutional investors and hedge funds 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.