IonQ (NYSE:IONQ) Trading Down 9.3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) traded down 9.3% on Monday . The company traded as low as $38.62 and last traded at $38.8940. Approximately 23,589,838 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 26,065,197 shares. The stock had previously closed at $42.86.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley set a $48.50 target price on shares of IonQ in a research report on Thursday, May 7th. Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Jefferies Financial Group set a $85.00 price target on shares of IonQ in a research note on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $69.88.

IonQ Price Performance

The stock has a market capitalization of $14.52 billion, a price-to-earnings ratio of -138.91 and a beta of 3.23. The firm’s fifty day moving average is $55.81 and its 200-day moving average is $44.94.

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

Insider Transactions at IonQ

In other IonQ news, Director Kathryn K. Chou sold 2,757 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the sale, the director owned 62,608 shares in the company, valued at $3,444,692.16. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the transaction, the director owned 11,154 shares of the company’s stock, valued at approximately $613,581.54. The trade was a 19.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 13,102 shares of company stock worth $701,489. 0.55% of the stock is owned by corporate insiders.

Institutional Trading of IonQ

Several institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its position 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 worth $2,962,000 after buying an additional 14,898 shares during the last quarter. Amundi bought a new position in IonQ during the 1st quarter valued at $630,000. AQR Capital Management LLC lifted its position in shares of IonQ by 106.2% during the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock valued at $1,265,000 after acquiring an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in IonQ by 24.1% during the first 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 buying an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in IonQ by 30.3% during 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 during the period. Institutional investors own 41.42% of the company’s stock.

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.