IonQ (NYSE:IONQ) Shares Down 1.5% – Here’s Why
by Doug Wharley · The Cerbat GemShares of IonQ, Inc. (NYSE:IONQ – Get Free Report) fell 1.5% during mid-day trading on Monday . The company traded as low as $44.66 and last traded at $45.3170. 17,048,193 shares were traded during mid-day trading, a decline of 29% from the average session volume of 24,072,221 shares. The stock had previously closed at $46.00.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on IONQ shares. Cantor Fitzgerald increased their target price on IonQ from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, November 7th. DA Davidson upped their price target on shares of IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Zacks Research upgraded shares of IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of IonQ in a report on Thursday, November 6th. Finally, Rosenblatt Securities upped their target price on shares of IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Nine investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, IonQ presently has a consensus rating of “Hold” and an average target price of $72.08.
Get Our Latest Stock Analysis on IONQ
IonQ Trading Down 1.5%
The stock has a 50 day moving average of $52.00 and a 200-day moving average of $50.44. The company has a market capitalization of $15.74 billion, a P/E ratio of -8.47 and a beta of 2.62.
IonQ (NYSE:IONQ – Get Free Report) last released its earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The firm had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. During the same quarter in the previous year, the business posted ($0.24) EPS. IonQ’s revenue was up 221.5% on a year-over-year basis. As a group, sell-side analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.
Insider Activity
In other IonQ news, Director William J. Teuber, Jr. purchased 2,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was acquired at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the purchase, the director owned 6,413 shares of the company’s stock, valued at approximately $351,496.53. This represents a 45.32% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kathryn K. Chou sold 5,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $55.00, for a total value of $275,000.00. Following the sale, the director directly owned 60,839 shares in the company, valued at approximately $3,346,145. This represents a 7.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 125,000 shares of company stock worth $5,992,000 in the last three months. Company insiders own 5.20% of the company’s stock.
Institutional Trading of IonQ
Institutional investors have recently made changes to their positions in the business. Stone House Investment Management LLC boosted its stake in IonQ by 700.0% in the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after purchasing an additional 350 shares during the period. Ameriflex Group Inc. lifted its holdings in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares in the last quarter. Hilltop National Bank lifted its holdings in shares of IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock worth $26,000 after buying an additional 225 shares in the last quarter. Financial Consulate Inc. bought a new position in shares of IonQ during the third quarter worth $29,000. Finally, UMB Bank n.a. purchased a new position in IonQ during the third quarter valued at $31,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.
IonQ Company Profile
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.