IonQ (NYSE:IONQ) Shares Down 4.7% – Here’s Why
by Tristan Rich · The Markets DailyShares of IonQ, Inc. (NYSE:IONQ – Get Free Report) traded down 4.7% during trading on Wednesday . The company traded as low as $45.69 and last traded at $48.2940. 31,618,587 shares were traded during trading, an increase of 66% from the average session volume of 19,022,010 shares. The stock had previously closed at $50.66.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on IONQ. Morgan Stanley increased their price target on IonQ from $32.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 4th. Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Jefferies Financial Group assumed coverage on shares of IonQ in a report on Tuesday, December 16th. They set a “buy” rating and a $100.00 price objective for the company. Finally, Wedbush started coverage on shares of IonQ in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price objective for the company. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $75.91.
Get Our Latest Stock Analysis on IonQ
IonQ Trading Down 4.7%
The company has a 50-day moving average of $48.71 and a 200-day moving average of $51.41. The company has a market capitalization of $16.78 billion, a price-to-earnings ratio of -9.03 and a beta of 2.63.
IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share 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 business had revenue of $39.87 million for the quarter, compared to analysts’ expectations of $26.99 million. During the same quarter in the previous year, the firm posted ($0.24) EPS. IonQ’s revenue was up 221.5% on a year-over-year basis. On average, research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.
Insider Buying and Selling at IonQ
In other news, Director William J. Teuber, Jr. bought 2,000 shares of the stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average cost of $54.81 per share, with a total value of $109,620.00. Following the purchase, the director directly owned 6,413 shares in the company, valued at $351,496.53. The trade was a 45.32% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Rima Alameddine sold 100,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $46.89, for a total value of $4,689,000.00. Following the sale, the executive owned 432,616 shares in the company, valued at $20,285,364.24. This trade represents a 18.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 125,000 shares of company stock valued at $5,992,000. 5.20% of the stock is owned by company insiders.
Hedge Funds Weigh In On IonQ
Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in IonQ by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock valued at $1,805,314,000 after purchasing an additional 4,587,260 shares during the last quarter. Norges Bank purchased a new stake in shares of IonQ during the second quarter worth $114,767,000. JPMorgan Chase & Co. grew its holdings in shares of IonQ by 648.5% during the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after buying an additional 2,317,058 shares in the last quarter. Lansdowne Partners UK LLP raised its position in shares of IonQ by 286.1% in the third quarter. Lansdowne Partners UK LLP now owns 1,937,031 shares of the company’s stock valued at $119,127,000 after buying an additional 1,435,394 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of IonQ by 19.9% in the third quarter. State Street Corp now owns 6,299,559 shares of the company’s stock worth $387,423,000 after buying an additional 1,043,878 shares in the last quarter. 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.