IonQ (NYSE:IONQ) Trading Down 2.7% - What's Next?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 2.7% during mid-day trading on Tuesday . The company traded as low as $10.52 and last traded at $10.55. 5,536,690 shares were traded during mid-day trading, a decline of 7% from the average session volume of 5,968,193 shares. The stock had previously closed at $10.84.

Wall Street Analyst Weigh In

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

IonQ Stock Down 3.1 %

The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -12.65 and a beta of 2.05. The company has a 50 day simple moving average of $7.95 and a 200-day simple moving average of $8.03.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share 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 firm had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. During the same quarter in the prior year, the business earned ($0.16) earnings per share. IonQ's quarterly revenue was up 106.4% on a year-over-year basis. On average, equities research analysts expect that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Carnegie Investment Counsel bought a new position in IonQ during the 3rd quarter valued at $5,036,000. Oppenheimer & Co. Inc. raised its position in IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company's stock worth $365,000 after acquiring an additional 1,400 shares in the last quarter. Gamco Investors INC. ET AL bought a new stake in IonQ in the first quarter worth about $185,000. Vanguard Group Inc. boosted its position in shares of IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company's stock valued at $221,864,000 after purchasing an additional 193,924 shares in the last quarter. Finally, Swiss National Bank boosted its position in shares of IonQ by 14.8% during the 1st quarter. Swiss National Bank now owns 343,600 shares of the company's stock valued at $3,433,000 after purchasing an additional 44,200 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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.