IonQ (NYSE:IONQ) Trading Down 18.6% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was down 18.6% on Monday . The stock traded as low as $22.27 and last traded at $23.71. Approximately 28,352,066 shares traded hands during mid-day trading, an increase of 235% from the average daily volume of 8,451,992 shares. The stock had previously closed at $29.14.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IONQ. Craig Hallum increased their price target on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC increased their price objective 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 shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th.

IonQ Price Performance

The company has a fifty day moving average of $13.00 and a 200 day moving average of $9.62. The firm has a market capitalization of $5.30 billion, a P/E ratio of -29.27 and a beta of 1.89.

IonQ (NYSE:IONQ) last posted its quarterly earnings results 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 net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period last year, the firm earned ($0.22) EPS. The business’s revenue for the quarter was up 102.1% on a year-over-year basis. On average, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 1.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 66,000 shares of company stock worth $972,331 over the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Quest Partners LLC lifted its stake in 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 acquired a new position in IonQ during the second quarter worth approximately $67,000. nVerses Capital LLC purchased a new stake in IonQ during the third quarter worth approximately $72,000. Mosley Wealth Management acquired a new stake in IonQ in the second quarter valued at approximately $81,000. Finally, Xponance Inc. acquired a new position in shares of IonQ in the 2nd quarter valued at approximately $88,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.