IonQ (NYSE:IONQ) Shares Down 8.7% – Here’s What Happened

by · The Cerbat Gem

IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price was down 8.7% on Tuesday . The stock traded as low as $53.08 and last traded at $53.3180. Approximately 21,345,513 shares traded hands during trading, a decline of 13% from the average daily volume of 24,479,461 shares. The stock had previously closed at $58.40.

Analysts Set New Price Targets

Several analysts have recently weighed in on IONQ shares. Zacks Research downgraded IonQ from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Morgan Stanley lifted their target price on IonQ from $32.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Cantor Fitzgerald lifted their target price on IonQ from $45.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. DA Davidson downgraded IonQ from a “buy” rating to a “neutral” rating and set a $35.00 target price for the company. in a research report on Thursday, August 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $70.00 target price on shares of IonQ in a research report on Monday, September 15th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, IonQ presently has an average rating of “Hold” and an average target price of $61.44.

Read Our Latest Report on IONQ

IonQ Price Performance

The firm has a fifty day moving average of $60.47 and a two-hundred day moving average of $46.31. The stock has a market capitalization of $18.52 billion, a P/E ratio of -26.53 and a beta of 2.60.

IonQ (NYSE:IONQ – Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The firm had revenue of $20.69 million during the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The business’s revenue was up 81.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.18) earnings per share. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 64,578 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total value of $2,700,651.96. Following the completion of the transaction, the chief financial officer directly owned 473,302 shares in the company, valued at approximately $19,793,489.64. The trade was a 12.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the transaction, the chief executive officer owned 1,181,186 shares of the company’s stock, valued at $52,444,658.40. This represents a 1.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 131,398 shares of company stock valued at $5,665,690 over the last three months. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IonQ

A number of large investors have recently added to or reduced their stakes in IONQ. Penserra Capital Management LLC boosted its position in IonQ by 64.3% in the third quarter. Penserra Capital Management LLC now owns 800,141 shares of the company’s stock valued at $49,208,000 after buying an additional 313,008 shares during the last quarter. Atlantic Union Bankshares Corp boosted its position in IonQ by 109.4% in the third quarter. Atlantic Union Bankshares Corp now owns 1,914 shares of the company’s stock valued at $118,000 after buying an additional 1,000 shares during the last quarter. Jones Financial Companies Lllp boosted its position in IonQ by 71.5% in the third quarter. Jones Financial Companies Lllp now owns 54,413 shares of the company’s stock valued at $3,661,000 after buying an additional 22,686 shares during the last quarter. Sentinel Trust Co. LBA boosted its position in IonQ by 33.3% in the third quarter. Sentinel Trust Co. LBA now owns 40,000 shares of the company’s stock valued at $2,460,000 after buying an additional 10,000 shares during the last quarter. Finally, Mutual Advisors LLC purchased a new stake in IonQ in the third quarter valued at approximately $202,000. 41.42% of the stock is currently owned by institutional investors.

About IonQ

(Get Free Report)

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.

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