IonQ (NYSE:IONQ) Trading Down 6.1% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) dropped 6.1% during mid-day trading on Monday . The stock traded as low as $33.35 and last traded at $34.29. Approximately 12,713,791 shares changed hands during trading, an increase of 37% from the average daily volume of 9,307,322 shares. The stock had previously closed at $36.50.

Analysts Set New Price Targets

A number of equities research analysts recently commented on IONQ shares. Needham & Company LLC raised 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 boosted their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Craig Hallum boosted their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Down 11.3 %

The stock’s fifty day moving average is $17.66 and its two-hundred day moving average is $11.16. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of -42.33 and a beta of 1.89.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate 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 for the quarter was up 102.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.22) earnings per share. As a group, analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 66,000 shares of company stock worth $972,331 in the last quarter. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Carnegie Investment Counsel acquired a new position in IonQ in the 3rd quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ during the third quarter worth $3,749,000. Prospera Financial Services Inc raised its position in shares of IonQ by 196.1% in the 3rd quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after acquiring an additional 25,502 shares in the last quarter. Bleakley Financial Group LLC acquired a new position in shares of IonQ in the 3rd quarter valued at about $152,000. Finally, LMR Partners LLP bought a new stake in shares of IonQ during the 3rd quarter valued at about $874,000. 41.42% of the stock is owned by 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.