IonQ (NYSE:IONQ) Shares Gap Down - Here's Why

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $23.52, but opened at $22.00. IonQ shares last traded at $23.77, with a volume of 10,467,438 shares trading hands.

Wall Street Analysts Forecast Growth

IONQ has been the subject of several recent analyst reports. The Goldman Sachs Group lowered their price target on IonQ from $11.50 to $8.00 and set a "neutral" rating for the company in a report on Friday, August 9th. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Needham & Company LLC raised their price target on IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, Craig Hallum lifted their target price on IonQ from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 7th.

IonQ Stock Down 0.1 %

The stock's 50-day simple moving average is $11.45 and its two-hundred day simple moving average is $9.13. The company has a market capitalization of $5.03 billion, a price-to-earnings ratio of -29.62 and a beta of 1.89.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company's quarterly revenue was up 102.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.22) EPS. On average, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of IonQ 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 transaction, the executive now owns 638,908 shares of the company's stock, valued at $7,488,001.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 66,000 shares of company stock worth $972,331 in the last three months. Insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

A number of institutional investors have recently modified their holdings of the company. Quest Partners LLC lifted its holdings 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 period. nVerses Capital LLC acquired a new stake in IonQ during the 3rd quarter valued at $72,000. Redwood Wealth Management Group LLC acquired a new stake in shares of IonQ during the second quarter worth $67,000. Impact Partnership Wealth LLC bought a new position in IonQ during the third quarter worth about $89,000. Finally, Moors & Cabot Inc. acquired a new position in IonQ during the third quarter valued at approximately $92,000. 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.

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