IonQ (NYSE:IONQ) Trading Down 5.2% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) dropped 5.2% during trading on Monday . The company traded as low as $47.48 and last traded at $49.2650. Approximately 21,278,915 shares were traded during trading, a decline of 17% from the average daily volume of 25,604,805 shares. The stock had previously closed at $51.95.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IonQ in a research report on Monday, February 9th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Thursday, February 26th. Needham & Company LLC decreased their price objective on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Northland Securities assumed coverage on shares of IonQ in a research note on Monday, April 20th. They issued an “outperform” rating and a $55.00 target price on the stock. Finally, Wall Street Zen downgraded shares of IonQ from a “sell” rating to a “strong sell” rating in a report on Monday, May 11th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.63.

IonQ Stock Performance

The stock has a market cap of $18.39 billion, a P/E ratio of -175.95 and a beta of 3.05. The firm has a 50 day moving average of $38.45 and a two-hundred day moving average of $43.35.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS 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 business had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. The business’s quarterly revenue was up 754.7% on a year-over-year basis. On average, sell-side analysts anticipate that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

Insider Activity at IonQ

In other news, insider John W. Raymond sold 2,800 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the transaction, the insider owned 83,963 shares in the company, valued at approximately $2,799,326.42. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 5,165 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the transaction, the insider directly owned 112,291 shares of the company’s stock, valued at $4,428,757.04. This represents a 4.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,354 shares of company stock worth $504,428 in the last ninety days. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in shares of IonQ by 12.5% during the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after purchasing an additional 14,898 shares in the last quarter. Amundi bought a new position in IonQ in the first quarter worth $630,000. AQR Capital Management LLC lifted its position in IonQ by 106.2% in the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 worth $9,932,000 after buying an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth boosted its stake in 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 buying an additional 10,881 shares in the last quarter. 41.42% of the stock is currently owned by 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. 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.