IonQ (NYSE:IONQ) Stock Price Down 9.3% – What’s Next?

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Northland Securities increased their price objective on shares of IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. upped their target price on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Finally, Jefferies Financial Group set a $85.00 price objective on IonQ in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.88.

IonQ Stock Up 0.9%

The stock has a market capitalization of $14.65 billion, a P/E ratio of -140.13 and a beta of 3.23. The stock has a 50 day simple moving average of $55.51 and a two-hundred day simple moving average of $44.77.

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

Insiders Place Their Bets

In related news, Director Kathryn K. Chou sold 2,757 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the sale, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. This represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the sale, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,102 shares of company stock valued at $701,489 over the last 90 days. 0.55% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently made changes to their positions in IONQ. Royal Bank of Canada boosted its stake in IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock valued at $2,962,000 after purchasing an additional 14,898 shares during the period. Amundi bought a new position in IonQ during the first quarter worth about $630,000. AQR Capital Management LLC raised its stake in IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after purchasing an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of IonQ by 24.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock worth $9,932,000 after purchasing an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth increased its holdings in shares of IonQ by 30.3% during the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after purchasing an additional 10,881 shares during the period. Institutional investors own 41.42% of the company’s stock.

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. 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.