IonQ (NYSE:IONQ) Trading Down 3.9% – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) were down 3.9% during trading on Tuesday . The stock traded as low as $47.98 and last traded at $48.9710. Approximately 14,382,102 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 16,264,607 shares. The stock had previously closed at $50.95.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IONQ. Rosenblatt Securities boosted their price target on shares of IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Jefferies Financial Group began coverage on IonQ in a research note on Tuesday, December 16th. They issued a “buy” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. started coverage on IonQ in a research report on Thursday, November 20th. They set a “neutral” rating and a $47.00 price target for the company. DA Davidson lifted their price target on IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Finally, Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.91.

IonQ Trading Down 3.9%

The business’s fifty day moving average is $49.42 and its 200 day moving average is $51.10. The company has a market cap of $17.01 billion, a P/E ratio of -9.15 and a beta of 2.63.

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

Insider Activity at IonQ

In other IonQ news, Director Kathryn K. Chou sold 5,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $55.00, for a total transaction of $275,000.00. Following the sale, the director directly owned 60,839 shares of the company’s stock, valued at $3,346,145. This represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Teuber, Jr. bought 2,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were acquired at an average price of $54.81 per share, with a total value of $109,620.00. Following the transaction, the director directly owned 6,413 shares of the company’s stock, valued at approximately $351,496.53. This trade represents a 45.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have sold 125,000 shares of company stock worth $5,992,000. Company insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Wealth Management Partners LLC lifted its position in shares of IonQ by 15.5% during the fourth quarter. Wealth Management Partners LLC now owns 13,039 shares of the company’s stock worth $585,000 after acquiring an additional 1,753 shares in the last quarter. Lauer Wealth LLC grew its position in shares of IonQ by 5.3% in the fourth quarter. Lauer Wealth LLC now owns 5,107 shares of the company’s stock valued at $229,000 after purchasing an additional 255 shares in the last quarter. Focus Financial Network Inc. bought a new stake in shares of IonQ during the 4th quarter valued at $7,707,000. E. Ohman J or Asset Management AB purchased a new stake in IonQ during the 4th quarter worth about $333,000. Finally, Nordea Investment Management AB bought a new position in IonQ in the 4th quarter worth about $1,155,000. 41.42% of the stock is currently owned by hedge funds and other 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. 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.