IonQ (NYSE:IONQ) Shares Gap Down – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock 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.

Analysts Set New Price Targets

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

IonQ Price Performance

The company’s fifty day moving average price is $9.52 and its 200 day moving average price is $8.46. The company has a market cap of $3.66 billion, a PE ratio of -21.94 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The company’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.16) EPS. On average, analysts forecast that IonQ, Inc. will post -0.84 EPS for the current year.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 12,000 shares of IonQ stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $15.72, for a total value of $188,640.00. Following the sale, the executive now owns 615,533 shares of the company’s stock, valued at approximately $9,676,178.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 43,125 shares of company stock worth $566,300 in the last ninety days. Company insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. lifted its holdings in IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares during the last quarter. Arizona State Retirement System boosted its holdings in IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after buying an additional 1,731 shares during the period. ProShare Advisors LLC grew its stake in IonQ by 10.5% in the 1st quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after buying an additional 2,805 shares in the last quarter. Quest Partners LLC raised its holdings in IonQ by 4,824.2% during 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. Finally, Principal Financial Group Inc. raised its holdings in IonQ by 40.6% during the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after acquiring an additional 7,744 shares during the period. Hedge funds and other 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.