IonQ (NYSE:IONQ) Trading Down 2.7% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price was down 2.7% on Friday . The company traded as low as $30.30 and last traded at $31.88. Approximately 11,262,367 shares changed hands during trading, an increase of 26% from the average daily volume of 8,939,837 shares. The stock had previously closed at $32.78.

Wall Street Analyst Weigh In

Several research firms have issued reports on IONQ. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group reduced their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Craig Hallum lifted their price target on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC upped their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Down 3.0 %

The firm has a market cap of $6.88 billion, a price-to-earnings ratio of -39.26 and a beta of 1.89. The company has a 50-day moving average price of $15.21 and a 200 day moving average price of $10.33.

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

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders have sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is currently owned by company insiders.

Institutional Trading of IonQ

A number of institutional investors have recently bought and sold shares of IONQ. Arizona State Retirement System raised its stake in shares of IonQ by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after purchasing an additional 1,731 shares in the last quarter. ProShare Advisors LLC raised its position in IonQ by 10.5% during the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after acquiring an additional 2,805 shares in the last quarter. Verity Asset Management Inc. lifted its stake in IonQ by 12.4% in the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock valued at $296,000 after acquiring an additional 3,736 shares during the last quarter. HighTower Advisors LLC grew its position in IonQ by 29.3% in the third quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock worth $166,000 after acquiring an additional 4,288 shares in the last quarter. Finally, Quest Partners LLC increased its stake in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares during the last quarter. Institutional investors and hedge funds 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.