IonQ (NYSE:IONQ) Trading Down 3% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) were down 3% on Tuesday . The company traded as low as $13.89 and last traded at $14.32. Approximately 8,405,142 shares changed hands during trading, an increase of 33% from the average daily volume of 6,300,821 shares. The stock had previously closed at $14.76.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Craig Hallum cut their price target on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Benchmark lowered their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Needham & Company LLC reissued a “buy” rating and issued a $13.00 target price on shares of IonQ in a report on Wednesday, October 2nd. 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 report on Friday, August 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $12.00.

IonQ Stock Performance

The company has a market cap of $3.07 billion, a price-to-earnings ratio of -17.73 and a beta of 2.05. The firm has a fifty day moving average price of $8.45 and a 200 day moving average price of $8.13.

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

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 11,375 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $13.72, for a total transaction of $156,065.00. Following the completion of the sale, the executive now owns 627,533 shares in the company, valued at approximately $8,609,752.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 31,125 shares of company stock worth $377,660. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IONQ. Carnegie Investment Counsel bought a new stake in IonQ during the third quarter valued at $5,036,000. Oppenheimer & Co. Inc. boosted its holdings in IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after acquiring an additional 1,400 shares in the last quarter. Gamco Investors INC. ET AL purchased a new position in IonQ during the first quarter valued at $185,000. Vanguard Group Inc. boosted its holdings in IonQ by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock worth $221,864,000 after acquiring an additional 193,924 shares in the last quarter. Finally, Swiss National Bank grew its position in IonQ by 14.8% during the 1st quarter. Swiss National Bank now owns 343,600 shares of the company’s stock valued at $3,433,000 after purchasing an additional 44,200 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

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.