IonQ (NYSE:IONQ) Trading Down 4.3% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 4.3% on Wednesday . The stock traded as low as $28.32 and last traded at $29.32. Approximately 11,734,170 shares were traded during trading, an increase of 28% from the average daily volume of 9,171,181 shares. The stock had previously closed at $30.65.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on IONQ shares. Craig Hallum increased their target price 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. Benchmark upped their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group cut 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. Finally, Needham & Company LLC upped their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Trading Up 5.1 %

The stock has a market cap of $6.97 billion, a price-to-earnings ratio of -39.77 and a beta of 1.89. The stock’s 50 day moving average is $17.10 and its two-hundred day moving average is $10.94.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The business had revenue of $12.40 million for 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%. IonQ’s quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.22) EPS. On average, sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

In other news, CRO Rima Alameddine sold 22,875 shares of the firm’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 completion of the sale, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Carnegie Investment Counsel acquired a new position in IonQ during the 3rd quarter worth approximately $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in shares of IonQ in the third quarter valued at approximately $3,749,000. Prospera Financial Services Inc grew its holdings in IonQ by 196.1% during the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after acquiring an additional 25,502 shares during the period. Bleakley Financial Group LLC purchased a new position in IonQ in the third quarter worth $152,000. Finally, LMR Partners LLP acquired a new stake in IonQ in the third quarter valued at $874,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.