IonQ, Inc. (NYSE:IONQ – Get Free Report) dropped 4.9% during mid-day trading on Wednesday . The stock traded as low as $36.86 and last traded at $37.3760. Approximately 20,294,641 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 25,986,281 shares. The stock had previously closed at $39.29.
More IonQ News
Here are the key news stories impacting IonQ this week:
- Positive Sentiment: Several recent articles argue that IonQ’s pullback may be a buying opportunity, citing strong commercial momentum, a record backlog, and meaningful upside from current levels. IonQ (IONQ) Among The Best Quantum Computing Stocks to Buy and Hold Forever
- Positive Sentiment: IonQ also got a boost from roadmap progress, including a 256-qubit update, chip tape-out, a presold system, and a new quantum key distribution product launch, which supports the company’s long-term growth story. IonQ (IONQ) Could Be 19% Undervalued On Its 256 Qubit Roadmap Update
- Neutral Sentiment: IonQ continues to be mentioned as a leading name in quantum computing and as part of a broader portfolio of tech stocks that could outperform traditional large-cap tech names. IonQ and 3 More Stocks That Together Make a Better IBM
- Neutral Sentiment: A new research partnership between the Jane Goodall Institute USA and FormationQ will use IonQ-powered trapped-ion quantum computing, highlighting real-world use cases for the company’s technology. Jane Goodall Institute USA and FormationQ Launch First-of-its-kind Quantum Computing Research Programme to Explore the Ecological Roots of War and Peace
- Negative Sentiment: Bearish momentum has been a major headwind, with shares falling for multiple straight sessions as investors rotate away from high-growth quantum names amid a weak market backdrop. Why Investors Are Dumping This Quantum Stock for 9 Straight Days
- Negative Sentiment: Another article points to renewed selling pressure across the quantum computing sector, suggesting IonQ’s decline is being amplified by broader industry weakness rather than one specific catalyst. IonQ (IONQ) Drops 4.27% as Quantum Computing Sector Faces Renewed Selling Pressure – Put Spread Alert
- Negative Sentiment: Coverage also highlights concern that IonQ’s valuation is still rich, with competitors and alternative quantum names being framed as possible challengers to its leadership. 2 Quantum Stocks That Could Challenge IonQ’s Leadership (IONQ)
Analyst Ratings Changes
IONQ has been the subject of a number of recent research reports. Northland Securities raised their price objective on shares of IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective on shares of IonQ in a research note on Monday, May 4th. Jefferies Financial Group set a $85.00 target price on shares of IonQ in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average target price of $69.88.
IonQ Trading Down 4.9%
The firm has a market capitalization of $13.95 billion, a price-to-earnings ratio of -133.49 and a beta of 3.23. The firm has a 50 day moving average price of $55.51 and a two-hundred day moving average price of $44.77.
IonQ (NYSE:IONQ – Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The business had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm’s revenue for the quarter was up 754.7% compared to the same quarter last year. During the same period last year, the company posted ($0.14) EPS. As a group, research analysts forecast that IonQ, Inc. will post -2.26 earnings per share for the current year.
Insider Buying and Selling at IonQ
In other IonQ news, insider John W. Raymond sold 3,815 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the sale, the insider directly owned 80,148 shares in the company, valued at $4,408,941.48. The trade was a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares of the company’s stock, valued at $613,581.54. The trade was a 19.82% decrease in their position. 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 ninety days. Corporate insiders own 0.55% of the company’s stock.
Institutional Trading of IonQ
A number of institutional investors have recently added to or reduced their stakes in the business. Accent Capital Management LLC raised its position in IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after purchasing an additional 371 shares during the period. Fortitude Family Office LLC lifted its stake in shares of IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after buying an additional 656 shares during the period. PeakShares LLC purchased a new stake in shares of IonQ in the first quarter worth about $29,000. Finally, Beaird Harris Wealth Management LLC grew its stake in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after buying an additional 270 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.
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.
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