IonQ (NYSE:IONQ) Trading Down 2.1% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price fell 2.1% on Wednesday . The company traded as low as $54.46 and last traded at $54.8970. Approximately 19,350,080 shares changed hands during trading, a decline of 27% from the average daily volume of 26,617,104 shares. The stock had previously closed at $56.06.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Morgan Stanley set a $48.50 target price on shares of IonQ in a report on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of IonQ in a report on Thursday, June 11th. Weiss Ratings upgraded IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Jefferies Financial Group set a $85.00 price target on IonQ in a research report on Thursday, May 7th. Finally, Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.62.

IonQ Stock Down 0.1%

The firm’s 50-day moving average price is $52.46 and its 200 day moving average price is $44.89. The firm has a market cap of $21.08 billion, a P/E ratio of -201.71 and a beta of 3.18.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The company’s revenue for the quarter was up 754.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) earnings per share. On average, equities analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Activity

In related news, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bogart Wealth LLC raised its stake in shares of IonQ by 24.4% during the first quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock valued at $37,000 after purchasing an additional 250 shares in the last quarter. Lauer Wealth LLC increased its stake in IonQ by 5.3% during the 4th quarter. Lauer Wealth LLC now owns 5,107 shares of the company’s stock valued at $229,000 after buying an additional 255 shares during the period. Beaird Harris Wealth Management LLC raised its position in shares of IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after buying an additional 270 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of IonQ by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after acquiring an additional 279 shares during the period. Finally, ABN Amro Investment Solutions lifted its stake in shares of IonQ by 2.5% in the 1st quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock worth $355,000 after acquiring an additional 295 shares during the period. Institutional investors own 41.42% of the company’s stock.

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.