IonQ (NYSE:IONQ) Shares Down 7.7% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price fell 7.7% during trading on Friday . The stock traded as low as $38.64 and last traded at $39.18. 19,667,888 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 24,783,514 shares. The stock had previously closed at $42.46.

Analyst Ratings Changes

IONQ has been the topic of several research analyst reports. Northland Securities increased their price target on shares of IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of IonQ in a research report on Thursday, August 6th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of IonQ in a research note on Thursday, August 6th. Morgan Stanley set a $49.00 price target on IonQ in a research note on Thursday, August 6th. Finally, Benchmark reaffirmed a “buy” rating and issued a $60.00 price objective on shares of IonQ in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.92.

IonQ Stock Down 7.7%

The firm has a market capitalization of $14.93 billion, a P/E ratio of -8.41 and a beta of 3.28. The firm has a 50 day moving average of $43.10 and a 200-day moving average of $43.39.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.23. The firm had revenue of $80.05 million during the quarter, compared to analysts’ expectations of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The company’s quarterly revenue was up 286.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.70) EPS. As a group, research analysts expect that IonQ, Inc. will post -2.86 EPS for the current year.

Insiders Place Their Bets

In related news, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction that occurred 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 transaction, the director directly owned 11,154 shares of the company’s stock, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John W. Raymond sold 3,815 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the transaction, the insider owned 80,148 shares of the company’s stock, valued at approximately $4,408,941.48. This represents a 4.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,329 shares of company stock worth $513,216 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of the business. Archer Investment Corp acquired a new stake in IonQ in the second quarter valued at about $25,000. Accent Capital Management LLC lifted its holdings in shares of IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of IonQ by 216.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after purchasing an additional 656 shares in the last quarter. PeakShares LLC acquired a new stake in shares of IonQ in the 1st quarter valued at approximately $29,000. Finally, EFG International AG bought a new stake in shares of IonQ during the 2nd quarter valued at approximately $30,000. 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. 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.