IonQ (NYSE:IONQ) Stock Price Down 3.2% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price fell 3.2% during mid-day trading on Wednesday . The company traded as low as $51.40 and last traded at $51.5310. Approximately 14,321,639 shares were traded during trading, a decline of 46% from the average session volume of 26,639,699 shares. The stock had previously closed at $53.26.

Analyst Ratings Changes

IONQ has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of IonQ in a research note on Thursday, June 11th. Northland Securities boosted their target price on IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Morgan Stanley set a $48.50 target price on IonQ in a research report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price objective on IonQ in a report on Thursday, May 7th. Finally, Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $69.88.

IonQ Price Performance

The company has a fifty day simple moving average of $55.42 and a two-hundred day simple moving average of $45.05. The company has a market capitalization of $19.23 billion, a P/E ratio of -184.04 and a beta of 3.18.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The company had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business’s revenue was up 754.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) EPS. Equities analysts anticipate that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Buying and Selling

In other news, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $209,863.15. Following the transaction, the insider owned 80,148 shares of the company’s stock, valued at $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the sale, the insider owned 139,967 shares of the company’s stock, valued at $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 13,102 shares of company stock worth $701,489. 0.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Hedge funds have recently bought and sold shares of the company. Bogart Wealth LLC increased its stake in shares of IonQ by 24.4% in the first quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock worth $37,000 after purchasing an additional 250 shares during the period. Lauer Wealth LLC grew its holdings in IonQ by 5.3% in the 4th quarter. Lauer Wealth LLC now owns 5,107 shares of the company’s stock valued at $229,000 after buying an additional 255 shares during the last quarter. Beaird Harris Wealth Management LLC grew its holdings in IonQ by 117.4% in the 3rd 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 during the last quarter. EverSource Wealth Advisors LLC increased its position in IonQ by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after buying an additional 279 shares during the period. Finally, ABN Amro Investment Solutions increased its position in IonQ by 2.5% in the 1st quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock worth $355,000 after buying an additional 295 shares during the period. 41.42% of the stock is currently owned by institutional investors.

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.