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

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $16.74, but opened at $15.76. IonQ shares last traded at $16.66, with a volume of 3,629,516 shares.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IONQ. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 target price on shares of IonQ in a research report on Wednesday, October 2nd. Craig Hallum reduced their target price on shares of IonQ from $21.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. The Goldman Sachs Group lowered their target price on shares of IonQ from $11.50 to $8.00 and set a "neutral" rating for the company in a report on Friday, August 9th. Finally, Benchmark cut their price target on shares of IonQ from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $12.00.

IonQ Trading Up 0.7 %

The firm has a 50-day moving average price of $9.52 and a 200-day moving average price of $8.46. The stock has a market capitalization of $3.61 billion, a PE ratio of -21.66 and a beta of 2.05.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. The company's revenue for the quarter was up 106.4% on a year-over-year basis. Sell-side analysts expect that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares of the company's stock, valued at $6,954,953.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 43,125 shares of company stock valued at $566,300. 11.60% of the stock is owned by insiders.

Institutional Investors Weigh In On IonQ

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