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

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $29.14, but opened at $28.15. IonQ shares last traded at $23.81, with a volume of 12,311,559 shares trading hands.

Analyst Ratings Changes

A number of research analysts have commented on IONQ shares. 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. Craig Hallum lifted their price target on IonQ from $15.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group decreased their target price on IonQ from $11.50 to $8.00 and set a "neutral" rating for the company in a research report on Friday, August 9th.

IonQ Trading Down 13.4 %

The firm has a market cap of $5.40 billion, a P/E ratio of -30.88 and a beta of 1.89. The business's 50-day moving average is $13.00 and its two-hundred day moving average is $9.62.

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

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now directly owns 592,658 shares of the company's stock, valued at $10,519,679.50. This represents a 3.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quest Partners LLC lifted its holdings in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC acquired a new stake in shares of IonQ in the 2nd quarter worth approximately $67,000. nVerses Capital LLC bought a new position in shares of IonQ in the third quarter valued at approximately $72,000. Mosley Wealth Management bought a new stake in IonQ during the second quarter worth approximately $81,000. Finally, Xponance Inc. acquired a new stake in IonQ in the second quarter worth approximately $88,000. Institutional investors 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.