IonQ (NYSE:IONQ) Trading Down 4.3% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) fell 4.3% during trading on Wednesday . The stock traded as low as $28.32 and last traded at $29.32. 11,734,170 shares were traded during trading, an increase of 28% from the average session volume of 9,171,181 shares. The stock had previously closed at $30.65.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of recent analyst reports. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark increased their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their price objective on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group decreased their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th.

IonQ Price Performance

The company has a 50-day simple moving average of $16.12 and a 200-day simple moving average of $10.64. The stock has a market cap of $6.68 billion, a PE ratio of -37.64 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm’s revenue was up 102.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.22) earnings per share. On average, equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. The trade was a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC raised its position in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in IonQ during the 2nd quarter valued at $67,000. nVerses Capital LLC purchased a new stake in shares of IonQ during the third quarter worth about $72,000. Mosley Wealth Management purchased a new stake in IonQ in the second quarter worth $81,000. Finally, Xponance Inc. purchased a new position in IonQ during the 2nd quarter valued at about $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.