IonQ (NYSE:IONQ) Stock Price Down 1.7% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price fell 1.7% during mid-day trading on Monday. The company traded as low as $42.24 and last traded at $43.0390. Approximately 16,320,045 shares were traded during trading, a decline of 34% from the average session volume of 24,641,629 shares. The stock had previously closed at $43.77.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IONQ. Benchmark restated a “buy” rating and issued a $60.00 price target on shares of IonQ in a research note on Thursday, August 6th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of IonQ in a report on Wednesday, September 9th. Weiss Ratings downgraded shares of IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Jefferies Financial Group restated a “buy” rating and set a $80.00 price objective on shares of IonQ in a report on Wednesday, September 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $70.00 target price on shares of IonQ in a research note on Wednesday, September 9th. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and a consensus price target of $63.83.

IonQ Price Performance

The company has a fifty day moving average price of $40.74 and a two-hundred day moving average price of $44.44. The company has a market capitalization of $16.40 billion, a P/E ratio of -9.24 and a beta of 3.36.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.23. The business had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The firm’s revenue was up 286.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.70) earnings per share. As a group, sell-side analysts forecast that IonQ, Inc. will post -2.11 earnings per share for the current year.

Insider Transactions at IonQ

In other news, insider John Raymond sold 2,407 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $37.21, for a total transaction of $89,564.47. Following the transaction, the insider directly owned 77,741 shares of the company’s stock, valued at $2,892,742.61. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IONQ. Versant Capital Management Inc lifted its holdings in IonQ by 30.9% during the third quarter. Versant Capital Management Inc now owns 1,952 shares of the company’s stock worth $86,000 after acquiring an additional 461 shares during the period. Cim Investment Management Inc. raised its stake in shares of IonQ by 7.4% in the second quarter. Cim Investment Management Inc. now owns 17,904 shares of the company’s stock valued at $954,000 after buying an additional 1,237 shares during the period. QRG Capital Management Inc. lifted its position in shares of IonQ by 31.5% during the 2nd quarter. QRG Capital Management Inc. now owns 10,937 shares of the company’s stock valued at $583,000 after buying an additional 2,618 shares during the last quarter. Core Capital Management & Research inc. purchased a new stake in IonQ in the 2nd quarter worth about $53,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in IonQ in the 2nd quarter worth about $394,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Company Profile

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may eventually support applications in areas such as optimization, materials science, drug discovery, financial modeling and artificial intelligence.

The company offers access to its quantum processors through cloud platforms, including Amazon Web Services’ Amazon Braket, Microsoft Azure Quantum and Google Cloud.