IonQ (NYSE:IONQ) Shares Down 6.4% Following Analyst Downgrade

Shares of IonQ, Inc. (NYSE:IONQ) were down 6.4% on Monday after B. Riley Financial lowered their price target on the stock from $100.00 to $75.00. B. Riley Financial currently has a buy rating on the stock. IonQ traded as low as $27.93 and last traded at $28.1310. Approximately 20,275,390 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 24,448,910 shares. The stock had previously closed at $30.04.

Other equities analysts have also recently issued research reports about the stock. Mizuho lowered their target price on shares of IonQ from $61.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 9th. Bank of America began coverage on shares of IonQ in a research note on Monday, September 28th. They issued a “buy” rating and a $60.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of IonQ in a report on Wednesday, September 9th. Morgan Stanley lowered their price objective on shares of IonQ from $49.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 15th. Finally, Wall Street Zen lowered shares of IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $64.23.

Insiders Place Their Bets

In other IonQ news, insider John Raymond sold 2,407 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $37.21, for a total value of $89,564.47. Following the completion of the sale, the insider directly owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. This represents a 3.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. B&D White Capital Company LLC bought a new stake in IonQ during the third quarter worth approximately $3,439,000. Commonwealth Equity Services LLC increased its holdings in shares of IonQ by 21.1% in the third quarter. Commonwealth Equity Services LLC now owns 123,630 shares of the company’s stock valued at $5,422,000 after buying an additional 21,534 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of IonQ in the third quarter valued at $60,000. Verity Asset Management Inc. lifted its position in shares of IonQ by 44.4% during the 3rd quarter. Verity Asset Management Inc. now owns 16,091 shares of the company’s stock valued at $706,000 after acquiring an additional 4,950 shares during the last quarter. Finally, Integrity Alliance LLC. lifted its position in shares of IonQ by 121.5% during the 3rd quarter. Integrity Alliance LLC. now owns 8,338 shares of the company’s stock valued at $366,000 after acquiring an additional 4,573 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

IonQ Trading Down 6.4%

The company has a market cap of $12.08 billion, a price-to-earnings ratio of -6.04 and a beta of 3.32. The business has a 50-day moving average price of $38.20 and a 200 day moving average price of $42.09.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.23. The business had revenue of $80.05 million for 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% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.70) EPS. On average, analysts anticipate that IonQ, Inc. will post -2.96 earnings per share for the current year.

IonQ Company Profile

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.