IonQ (NYSE:IONQ) Shares Down 1.8% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares traded down 1.8% on Tuesday . The stock traded as low as $29.70 and last traded at $30.32. 12,320,089 shares traded hands during trading, an increase of 35% from the average session volume of 9,122,075 shares. The stock had previously closed at $30.88.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Benchmark lifted their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group dropped 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. Finally, Craig Hallum lifted their price target on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Price Performance

The firm’s 50 day moving average price is $16.61 and its 200-day moving average price is $10.79. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of -39.72 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company’s revenue was up 102.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.22) EPS. Analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction on Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 66,000 shares of company stock worth $972,331. Insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently bought and sold shares of the business. Arizona State Retirement System boosted its stake in IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after buying an additional 1,731 shares in the last quarter. Verity Asset Management Inc. boosted its stake in IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after buying an additional 3,736 shares in the last quarter. HighTower Advisors LLC boosted its stake in IonQ by 29.3% during the third quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after buying an additional 4,288 shares in the last quarter. Quest Partners LLC lifted its holdings 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 valued at $46,000 after acquiring an additional 6,368 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of IonQ by 40.6% during the second quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after acquiring an additional 7,744 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.