IonQ (NYSE:IONQ) Stock Falls 1.7% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price traded down 1.7% during trading on Monday. The company traded as low as $29.94 and last traded at $30.7410. 16,938,806 shares were traded during trading, a decline of 31% from the average daily volume of 24,584,449 shares. The stock had previously closed at $31.27.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings downgraded IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. Wedbush reaffirmed an “outperform” rating and set a $75.00 target price on shares of IonQ in a research report on Tuesday, October 13th. B. Riley Financial reissued a “buy” rating on shares of IonQ in a report on Wednesday, September 9th. Wall Street Zen lowered shares of IonQ from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $65.00 price objective on shares of IonQ in a report on Wednesday, September 9th. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.33.

IonQ Price Performance

The company has a 50 day simple moving average of $39.35 and a 200-day simple moving average of $44.98. The stock has a market capitalization of $13.20 billion, a P/E ratio of -6.60 and a beta of 3.36.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. The company had revenue of $80.05 million during the quarter, compared to the consensus estimate of $66.47 million. During the same quarter in the prior year, the company earned ($0.70) EPS. The firm’s quarterly revenue was up 286.7% compared to the same quarter last year. As a group, equities analysts forecast that IonQ, Inc. will post -2.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IonQ news, insider John Raymond sold 2,407 shares of the stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the transaction, the insider owned 77,741 shares in the company, valued at $2,892,742.61. This trade 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. 0.55% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Capital Wealth Advisors bought a new position in shares of IonQ in the third quarter worth $763,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of IonQ by 96.5% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 125,556 shares of the company’s stock valued at $3,620,000 after purchasing an additional 61,656 shares during the period. Simplicity Wealth LLC purchased a new stake in IonQ during the 2nd quarter worth about $981,000. Swedbank AB lifted its holdings in IonQ by 147.7% during the 1st quarter. Swedbank AB now owns 149,503 shares of the company’s stock worth $4,310,000 after purchasing an additional 89,148 shares in the last quarter. Finally, Weiss Asset Management LP bought a new position in IonQ in the 1st quarter worth about $663,000. Institutional investors own 41.42% of the company’s stock.

About IonQ

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.