IonQ (NYSE:IONQ) Shares Gap Down – Here’s Why

Shares of IonQ, Inc. (NYSE:IONQ) gapped down before the market opened on Monday . The stock had previously closed at $29.14, but opened at $28.15. IonQ shares last traded at $23.81, with a volume of 12,311,559 shares trading hands.

Analysts Set New Price Targets

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

IonQ Stock Down 17.5 %

The company has a market cap of $5.15 billion, a P/E ratio of -29.27 and a beta of 1.89. The business has a fifty day moving average price of $13.00 and a 200-day moving average price of $9.62.

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

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders have sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of IonQ by 5.1% during the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after acquiring an additional 918,265 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares during the last quarter. State Street Corp raised its position in IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after buying an additional 75,596 shares during the last quarter. SG Americas Securities LLC lifted its position in IonQ by 27.3% during the second quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after purchasing an additional 569,906 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares during the period. 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.