IonQ (NYSE:IONQ) Stock Price Down 2.1% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares were down 2.1% on Monday . The stock traded as low as $10.36 and last traded at $10.44. Approximately 5,490,836 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 5,943,521 shares. The stock had previously closed at $10.66.

Wall Street Analyst Weigh In

Several research firms have recently commented on IONQ. The Goldman Sachs Group lowered their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Craig Hallum lowered their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Benchmark decreased their target price 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $12.00.

IonQ Stock Up 17.3 %

The business’s 50-day moving average is $7.95 and its 200-day moving average is $8.03. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of -13.88 and a beta of 2.05.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $8.66 million. During the same quarter in the previous year, the company earned ($0.16) earnings per share. The firm’s revenue for the quarter was up 106.4% on a year-over-year basis. As a group, analysts expect that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors and hedge funds have recently bought and sold shares of IONQ. Quest Partners LLC lifted its holdings in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ in the 2nd quarter worth approximately $67,000. Mosley Wealth Management acquired a new position in shares of IonQ in the 2nd quarter worth approximately $81,000. Xponance Inc. acquired a new position in shares of IonQ in the 2nd quarter worth approximately $88,000. Finally, DNB Asset Management AS acquired a new position in shares of IonQ in the 2nd quarter worth approximately $117,000. 41.42% of the stock is currently 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.