IonQ (NYSE:IONQ) Trading Down 1.4% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price fell 1.4% during trading on Monday . The company traded as low as $34.21 and last traded at $34.2960. Approximately 16,365,281 shares were traded during trading, a decline of 37% from the average session volume of 25,890,668 shares. The stock had previously closed at $34.78.

Analyst Upgrades and Downgrades

IONQ has been the subject of several analyst reports. Morgan Stanley set a $48.50 price objective on IonQ in a report on Thursday, May 7th. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Jefferies Financial Group set a $85.00 price objective on shares of IonQ in a research note on Thursday, May 7th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of IonQ in a research report on Thursday, June 11th. Finally, Northland Securities lifted their price objective on shares of IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and an average target price of $69.88.

IonQ Trading Down 1.4%

The business’s 50 day moving average price is $54.66 and its two-hundred day moving average price is $44.53. The company has a market capitalization of $12.80 billion, a price-to-earnings ratio of -122.49 and a beta of 3.23.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The company had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The company’s revenue for the quarter was up 754.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.14) earnings per share. Analysts expect that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Activity at IonQ

In other news, Director Kathryn K. Chou sold 2,757 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the transaction, the director directly owned 62,608 shares in the company, valued at approximately $3,444,692.16. This represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the sale, the director directly owned 11,154 shares in the company, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,102 shares of company stock valued at $701,489 over the last three months. 0.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

Several large investors have recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its stake in shares of IonQ by 41.2% during the second quarter. Handelsbanken Fonder AB now owns 130,200 shares of the company’s stock valued at $6,934,000 after purchasing an additional 38,000 shares in the last quarter. Fulton Bank N.A. bought a new stake in shares of IonQ during the second quarter worth about $202,000. Wealthcare Advisory Partners LLC increased its stake in shares of IonQ by 33.9% in the second quarter. Wealthcare Advisory Partners LLC now owns 11,541 shares of the company’s stock valued at $615,000 after buying an additional 2,923 shares during the period. Bay Rivers Group acquired a new position in shares of IonQ in the second quarter valued at approximately $337,000. Finally, Adamsbrown Wealth Consultants LLC bought a new position in IonQ in the 2nd quarter valued at approximately $221,000. 41.42% of the stock is currently owned by institutional investors.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.