IonQ (NYSE:IONQ) Trading Down 7.7% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares traded down 7.7% during mid-day trading on Friday . The stock traded as low as $38.92 and last traded at $39.90. 23,526,373 shares changed hands during mid-day trading, an increase of 15% from the average session volume of 20,459,340 shares. The stock had previously closed at $43.24.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on IONQ shares. DA Davidson lifted their target price on shares of IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Morgan Stanley lifted their price objective on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Mizuho began coverage on IonQ in a research report on Thursday, December 11th. They set an “outperform” rating and a $90.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on IonQ in a report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price target for the company. Finally, Wedbush began coverage on IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price target on the stock. Nine research 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’s stock. According to data from MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.91.

IonQ Price Performance

The company has a market cap of $13.86 billion, a PE ratio of -7.46 and a beta of 2.63. The firm has a 50-day simple moving average of $48.58 and a two-hundred day simple moving average of $51.38.

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

Insider Transactions at IonQ

In other news, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $55.00, for a total value of $275,000.00. Following the completion of the transaction, the director owned 60,839 shares of the company’s stock, valued at $3,346,145. The trade was a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Rima Alameddine sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the sale, the executive owned 432,616 shares in the company, valued at approximately $20,285,364.24. This trade represents a 18.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 125,000 shares of company stock worth $5,992,000 over the last ninety days. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Institutional investors have recently added to or reduced their stakes in the business. Archer Investment Corp grew its holdings in IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after buying an additional 322 shares during the period. Stone House Investment Management LLC boosted its position in shares of IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares during the last quarter. Ameriflex Group Inc. boosted its position in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after acquiring an additional 340 shares during the last quarter. Hilltop National Bank grew its holdings in IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares during the period. Finally, Fortitude Family Office LLC increased its position in IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares during the last quarter. 41.42% of the stock is currently 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. 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.