IonQ (NYSE:IONQ) Shares Down 6.1% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price dropped 6.1% on Monday . The company traded as low as $33.35 and last traded at $34.29. Approximately 12,713,791 shares changed hands during trading, an increase of 37% from the average daily volume of 9,307,322 shares. The stock had previously closed at $36.50.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of recent analyst reports. Benchmark boosted 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. 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 upped their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th.

IonQ Trading Down 0.2 %

The business’s fifty day moving average price is $18.64 and its 200-day moving average price is $11.50. The company has a market capitalization of $7.08 billion, a P/E ratio of -40.48 and a beta of 2.49.

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

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at approximately $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 accessible through this hyperlink. Insiders have sold 66,000 shares of company stock worth $972,331 over the last ninety days. Insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Several institutional investors have recently bought and sold shares of the stock. Quest Partners LLC boosted its position in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying 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 about $67,000. nVerses Capital LLC bought a new stake in shares of IonQ in the third quarter worth about $72,000. Mosley Wealth Management purchased a new position in IonQ during the 2nd quarter valued at about $81,000. Finally, Xponance Inc. purchased a new position in IonQ during the 2nd quarter valued at about $88,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

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.