IonQ (NYSE:IONQ) Trading Down 4.5% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was down 4.5% on Monday . The stock traded as low as $46.61 and last traded at $47.0940. Approximately 13,577,290 shares traded hands during trading, a decline of 45% from the average daily volume of 24,516,277 shares. The stock had previously closed at $49.30.

Analysts Set New Price Targets

IONQ has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on IonQ from $32.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 4th. DA Davidson lifted their price objective on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of IonQ in a research note on Thursday, November 20th. They issued a “neutral” rating and a $47.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of IonQ in a research report on Thursday, November 6th. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, IonQ has an average rating of “Hold” and an average target price of $66.00.

IonQ Price Performance

The stock’s 50-day moving average price is $59.58 and its 200 day moving average price is $49.24. The firm has a market cap of $16.91 billion, a P/E ratio of -9.10 and a beta of 2.62.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($3.14). IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The business had revenue of $39.87 million during the quarter, compared to analyst estimates of $26.99 million. During the same quarter in the previous year, the firm posted ($0.24) earnings per share. The firm’s quarterly revenue was up 221.5% on a year-over-year basis. As a group, analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In other news, CRO Rima Alameddine sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the sale, the executive owned 432,616 shares in the company, valued at $20,285,364.24. This represents a 18.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William J. Teuber, Jr. bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average cost of $54.81 per share, with a total value of $109,620.00. Following the completion of the purchase, the director directly owned 6,413 shares of the company’s stock, valued at $351,496.53. This represents a 45.32% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have sold 149,044 shares of company stock worth $6,920,244. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of institutional investors and hedge funds have recently modified their holdings of the company. Cetera Investment Advisers increased its position in IonQ by 7.0% during the first quarter. Cetera Investment Advisers now owns 36,417 shares of the company’s stock worth $804,000 after buying an additional 2,384 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in IonQ by 28.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,408 shares of the company’s stock valued at $1,135,000 after acquiring an additional 11,398 shares during the period. LPL Financial LLC raised its stake in IonQ by 14.7% in the 1st quarter. LPL Financial LLC now owns 151,209 shares of the company’s stock valued at $3,337,000 after acquiring an additional 19,363 shares during the period. Harbour Investments Inc. lifted its holdings in IonQ by 38.5% during the 1st quarter. Harbour Investments Inc. now owns 7,331 shares of the company’s stock valued at $162,000 after purchasing an additional 2,038 shares during the last quarter. Finally, Atria Wealth Solutions Inc. bought a new position in IonQ during the first quarter worth $284,000. 41.42% of the stock is 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.