IonQ (NYSE:IONQ) Trading Down 9% - Here's Why

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) were down 9% on Tuesday . The company traded as low as $15.73 and last traded at $16.20. Approximately 15,327,074 shares changed hands during trading, an increase of 125% from the average daily volume of 6,806,028 shares. The stock had previously closed at $17.81.

Analyst Upgrades and Downgrades

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

IonQ Trading Down 6.0 %

The company has a market cap of $3.54 billion, a P/E ratio of -20.54 and a beta of 2.05. The company's fifty day moving average is $9.33 and its 200 day moving average is $8.40.

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

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 9,875 shares of the firm's stock in a transaction that occurred 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 43,125 shares of company stock worth $566,300 over the last ninety days. 11.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in IonQ by 1.1% during the fourth 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 during the period. Janney Montgomery Scott LLC increased its position in IonQ by 283.1% during the first quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company's stock valued at $1,121,000 after acquiring an additional 82,891 shares during the last quarter. StoneX Group Inc. bought a new position in IonQ in the first quarter valued at about $420,000. Hussman Strategic Advisors Inc. boosted its position in IonQ by 126.7% in the first quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company's stock worth $3,566,000 after purchasing an additional 199,500 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of IonQ by 1,598.7% during the 1st quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company's stock valued at $20,825,000 after purchasing an additional 1,961,909 shares during the period. 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.