IonQ (NYSE:IONQ) Shares Down 4.8% – Here’s Why

IonQ, Inc. (NYSE:IONQ) shares fell 4.8% on Monday . The company traded as low as $41.30 and last traded at $42.30. 13,363,686 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 10,492,363 shares. The stock had previously closed at $44.42.

Analyst Ratings Changes

A number of brokerages recently issued reports on IONQ. DA Davidson initiated coverage on shares of IonQ in a report on Thursday. They issued a “buy” rating and a $50.00 price objective for the company. Needham & Company LLC raised their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.60.

IonQ Trading Down 4.7 %

The stock has a market cap of $9.16 billion, a price-to-earnings ratio of -52.28 and a beta of 2.49. The stock’s 50 day moving average is $25.74 and its two-hundred day moving average is $14.03.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million for 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% on a year-over-year basis. During the same period in the prior year, the company earned ($0.22) earnings per share. On average, sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,223 shares of company stock valued at $2,286,983. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quest Partners LLC raised its position in shares of IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new stake in IonQ in the 2nd quarter worth approximately $67,000. nVerses Capital LLC acquired a new position in IonQ in the 3rd quarter valued at $72,000. Mosley Wealth Management purchased a new position in shares of IonQ during the 2nd quarter worth $81,000. Finally, Xponance Inc. acquired a new stake in shares of IonQ during the second quarter worth $88,000. Hedge funds and other 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.