IonQ (NYSE:IONQ) Stock Price Down 8.4% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s stock price fell 8.4% during trading on Wednesday . The company traded as low as $39.45 and last traded at $40.16. 16,511,053 shares were traded during mid-day trading, an increase of 62% from the average session volume of 10,166,919 shares. The stock had previously closed at $43.84.

Analysts Set New Price Targets

Several analysts have recently weighed in on IONQ shares. Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Craig Hallum boosted their price objective on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Price Performance

The company has a market cap of $9.17 billion, a P/E ratio of -52.30 and a beta of 2.49. The stock has a 50-day moving average of $23.95 and a 200 day moving average of $13.40.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same quarter last year, the company posted ($0.22) earnings per share. The company’s revenue was up 102.1% compared to the same quarter last year. Sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

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 completion of the sale, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,223 shares of company stock worth $2,286,983 over the last quarter. Insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Hedge funds and other institutional investors have recently modified their holdings of the business. Quest Partners LLC increased its position in shares of IonQ by 4,824.2% in the 2nd 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 during the period. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ in the second quarter valued at approximately $67,000. nVerses Capital LLC acquired a new position in IonQ during the third quarter worth $72,000. Mosley Wealth Management acquired a new stake in IonQ during the second quarter worth about $81,000. Finally, Xponance Inc. purchased a new position in shares of IonQ during the 2nd quarter worth $88,000. 41.42% of the stock is currently owned by hedge funds and other 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.