IonQ (NYSE:IONQ) Trading Down 4.1% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was down 4.1% on Thursday . The stock traded as low as $24.87 and last traded at $25.65. Approximately 18,031,101 shares were traded during mid-day trading, an increase of 121% from the average daily volume of 8,168,752 shares. The stock had previously closed at $26.76.

Analyst Upgrades and Downgrades

IONQ has been the subject of several analyst reports. Craig Hallum boosted their target price on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark increased their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group reduced their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th.

IonQ Stock Down 3.1 %

The business’s 50 day simple moving average is $12.17 and its two-hundred day simple moving average is $9.35. The stock has a market cap of $5.55 billion, a P/E ratio of -31.67 and a beta of 1.89.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.22) earnings per share. As a group, research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 66,000 shares of company stock valued at $972,331 in the last ninety days. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Quest Partners LLC boosted its holdings in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after buying an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in IonQ during the second quarter worth $67,000. nVerses Capital LLC acquired a new stake in IonQ in the third quarter worth $72,000. Mosley Wealth Management bought a new stake in IonQ in the second quarter valued at $81,000. Finally, Xponance Inc. acquired a new position in shares of IonQ during the second quarter valued at about $88,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.