IonQ (NYSE:IONQ) Stock Falls 1.5% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares were down 1.5% during trading on Monday. The stock traded as low as $30.29 and last traded at $30.8060. 24,614,792 shares changed hands during trading, a decline of 1% from the average daily volume of 24,759,252 shares. The stock had previously closed at $31.28.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $70.00 price objective on shares of IonQ in a report on Wednesday, September 9th. Wall Street Zen lowered IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $75.00 target price on shares of IonQ in a research report on Tuesday, October 13th. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price target on shares of IonQ in a research note on Wednesday, September 9th. Finally, Weiss Ratings lowered shares of IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. Ten research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.33.

IonQ Stock Down 1.5%

The firm has a market capitalization of $11.74 billion, a price-to-earnings ratio of -6.61 and a beta of 3.36. The stock has a 50-day moving average price of $40.67 and a 200 day moving average price of $44.89.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.23. The company had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company’s quarterly revenue was up 286.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.70) EPS. As a group, equities analysts forecast that IonQ, Inc. will post -2.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IonQ news, insider John Raymond sold 2,407 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $37.21, for a total value of $89,564.47. Following the sale, the insider directly owned 77,741 shares in the company, valued at $2,892,742.61. This trade represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IONQ. Vanguard Capital Wealth Advisors purchased a new stake in IonQ during the third quarter worth approximately $763,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in IonQ by 96.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 125,556 shares of the company’s stock valued at $3,620,000 after purchasing an additional 61,656 shares in the last quarter. Simplicity Wealth LLC acquired a new position in IonQ in the second quarter valued at approximately $981,000. Swedbank AB boosted its holdings in IonQ by 147.7% in the first quarter. Swedbank AB now owns 149,503 shares of the company’s stock valued at $4,310,000 after purchasing an additional 89,148 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new position in IonQ in the first quarter valued at approximately $663,000. 41.42% of the stock is owned by institutional investors and hedge funds.

About IonQ

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.