IonQ (NYSE:IONQ) Stock Price Down 3.2% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price fell 3.2% during trading on Wednesday . The stock traded as low as $51.40 and last traded at $51.5310. Approximately 14,321,639 shares were traded during trading, a decline of 46% from the average daily volume of 26,639,699 shares. The stock had previously closed at $53.26.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price target on shares of IonQ in a research report on Thursday, June 11th. Morgan Stanley set a $48.50 price objective on shares of IonQ in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their target price on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Finally, Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $69.88.

IonQ Stock Performance

The company has a market cap of $19.23 billion, a price-to-earnings ratio of -184.04 and a beta of 3.18. The company’s 50 day moving average price is $55.42 and its 200 day moving average price is $45.05.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The firm had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ’s quarterly revenue was up 754.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) earnings per share. As a group, analysts predict that IonQ, Inc. will post -2.26 EPS for the current year.

Insiders Place Their Bets

In related news, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the sale, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This trade represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the sale, the director directly owned 11,154 shares of the company’s stock, valued at $613,581.54. This represents a 19.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,102 shares of company stock valued at $701,489 in the last 90 days. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bogart Wealth LLC increased its position in IonQ by 24.4% in the 1st quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock valued at $37,000 after acquiring an additional 250 shares in the last quarter. Lauer Wealth LLC raised its stake in shares of IonQ by 5.3% in the fourth quarter. Lauer Wealth LLC now owns 5,107 shares of the company’s stock worth $229,000 after acquiring an additional 255 shares during the last quarter. Beaird Harris Wealth Management LLC lifted its position in shares of IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after purchasing an additional 270 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after purchasing an additional 279 shares in the last quarter. Finally, ABN Amro Investment Solutions grew its stake in shares of IonQ by 2.5% during the first quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock valued at $355,000 after purchasing an additional 295 shares during the last quarter. Institutional investors and hedge funds 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.