IonQ (NYSE:IONQ) Stock Price Down 13.3% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price traded down 13.3% during trading on Wednesday . The stock traded as low as $28.04 and last traded at $28.59. 19,287,791 shares changed hands during trading, an increase of 98% from the average session volume of 9,734,382 shares. The stock had previously closed at $32.97.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Benchmark raised their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum raised their price objective on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Down 5.4 %

The company has a 50 day moving average of $21.29 and a 200-day moving average of $12.43. The stock has a market capitalization of $6.75 billion, a P/E ratio of -35.30 and a beta of 2.47.

IonQ (NYSE:IONQ) last announced 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter last year, the business earned ($0.22) earnings per share. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. Equities analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the sale, the executive now directly owns 648,783 shares of the company’s stock, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 66,000 shares of company stock valued at $972,331 over the last three months. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IONQ. Quest Partners LLC increased its holdings in shares of IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ during the second quarter valued at $67,000. nVerses Capital LLC acquired a new position in shares of IonQ during the third quarter valued at $72,000. Mosley Wealth Management bought a new position in IonQ during the second quarter valued at about $81,000. Finally, Xponance Inc. bought a new position in IonQ during the second quarter valued at about $88,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.