IonQ (NYSE:IONQ) Stock Falls 6.4% After Analyst Downgrade

IonQ, Inc. (NYSE:IONQ)’s share price fell 6.4% during trading on Monday after B. Riley Financial lowered their price target on the stock from $100.00 to $75.00. B. Riley Financial currently has a buy rating on the stock. IonQ traded as low as $27.93 and last traded at $28.1310. 20,275,390 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 24,448,910 shares. The stock had previously closed at $30.04.

A number of other research analysts also recently 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 Tuesday, October 13th. Benchmark reaffirmed a “buy” rating and set a $60.00 price objective on shares of IonQ in a research report on Thursday, August 6th. Weiss Ratings lowered shares of IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price objective on shares of IonQ in a research note on Wednesday, September 9th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $80.00 target price on shares of IonQ in a report on Wednesday, September 9th. Ten research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $64.23.

Insider Transactions at IonQ

In other news, insider John Raymond sold 2,407 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $2,892,742.61. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

Hedge funds have recently bought and sold shares of the company. Archer Investment Corp bought a new position in IonQ in the 2nd quarter worth about $25,000. EverSource Wealth Advisors LLC raised its holdings in shares of IonQ by 216.5% during the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after buying an additional 656 shares during the last quarter. PeakShares LLC bought a new stake in shares of IonQ during the first quarter valued at approximately $29,000. EFG International AG bought a new stake in shares of IonQ during the second quarter valued at approximately $30,000. Finally, MWA Asset Management acquired a new position in shares of IonQ during the first quarter worth approximately $32,000. 41.42% of the stock is currently owned by institutional investors.

IonQ Stock Down 6.4%

The firm has a market capitalization of $12.08 billion, a price-to-earnings ratio of -6.04 and a beta of 3.32. The company has a 50-day moving average price of $38.20 and a 200-day moving average price of $42.09.

IonQ (NYSE:IONQ) last posted 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 firm 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% compared to the same quarter last year. During the same period last year, the firm earned ($0.70) EPS. As a group, analysts forecast that IonQ, Inc. will post -2.96 earnings per share for the current year.

IonQ Company Profile

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.