IonQ (NYSE:IONQ) Stock Price Down 5.2% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) traded down 5.2% during trading on Monday . The stock traded as low as $47.48 and last traded at $49.2650. 21,278,915 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 25,604,805 shares. The stock had previously closed at $51.95.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target 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. Morgan Stanley set a $48.50 price target on shares of IonQ in a research note on Thursday, May 7th. Wedbush restated an “outperform” rating and issued a $60.00 price target on shares of IonQ in a research note on Monday, May 4th. DA Davidson decreased their price target on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, February 26th. Finally, Weiss Ratings upgraded shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

IonQ Stock Up 8.4%

The stock has a market capitalization of $19.61 billion, a price-to-earnings ratio of -187.61 and a beta of 3.05. The business’s 50 day simple moving average is $38.98 and its 200-day simple moving average is $43.21.

IonQ (NYSE:IONQ) last announced its quarterly earnings data 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 firm 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 company’s quarterly revenue was up 754.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) earnings per share. On average, analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, insider John W. Raymond sold 2,800 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the sale, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the sale, the insider owned 139,967 shares in the company, valued at $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,354 shares of company stock worth $504,428 over the last ninety days. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently made changes to their positions in IONQ. Royal Bank of Canada boosted its stake in shares of IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock valued at $2,962,000 after purchasing an additional 14,898 shares in the last quarter. Amundi acquired a new stake in shares of IonQ in the 1st quarter valued at approximately $630,000. AQR Capital Management LLC boosted its stake in shares of IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock valued at $1,265,000 after purchasing an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after purchasing an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth boosted its stake in shares of IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $1,032,000 after purchasing an additional 10,881 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Company Profile

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.