IonQ (NYSE:IONQ) Trading Down 2.5% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price dropped 2.5% on Wednesday . The company traded as low as $47.33 and last traded at $47.8880. Approximately 18,885,488 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 24,575,656 shares. The stock had previously closed at $49.12.

Analyst Upgrades and Downgrades

Several research firms have commented on IONQ. Cantor Fitzgerald boosted their price objective on IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Wolfe Research began coverage on IonQ in a research note on Wednesday, July 30th. They issued a “peer perform” rating on the stock. Sanford C. Bernstein began coverage on IonQ in a research report on Wednesday, July 30th. They set a “market perform” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research note on Wednesday, October 8th. Finally, Oppenheimer started coverage on shares of IonQ in a research note on Wednesday, July 30th. They set an “outperform” rating on the stock. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $68.11.

IonQ Stock Down 2.5%

The firm has a market capitalization of $16.64 billion, a PE ratio of -8.95 and a beta of 2.59. The business has a 50-day moving average price of $62.69 and a 200-day moving average price of $48.23.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The company had revenue of $39.87 million for the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The business’s quarterly revenue was up 221.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.24) EPS. IonQ has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 19,976 shares of the business’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $886,934.40. Following the transaction, the executive directly owned 532,616 shares in the company, valued at $23,648,150.40. The trade was a 3.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the sale, the chief executive officer directly owned 1,181,186 shares of the company’s stock, valued at approximately $52,444,658.40. This trade represents a 1.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 113,622 shares of company stock worth $4,931,896. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Archer Investment Corp raised its position in IonQ by 119.3% in the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares during the period. Stone House Investment Management LLC grew its holdings in shares of IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after purchasing an additional 350 shares during the period. Ameriflex Group Inc. increased its position in shares of IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares during the last quarter. Hilltop National Bank raised its holdings in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after buying an additional 225 shares during the period. Finally, Financial Consulate Inc. purchased a new position in IonQ during the third quarter worth about $29,000. 41.42% of the stock is currently 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.