IonQ (NYSE:IONQ) Stock Price Down 4.1% – Here’s Why
by Kim Johansen · The Markets DailyIonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price was down 4.1% during mid-day trading on Friday . The stock traded as low as $46.60 and last traded at $47.3180. Approximately 14,561,964 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 18,646,221 shares. The stock had previously closed at $49.33.
Analyst Ratings Changes
A number of research firms have weighed in on IONQ. Jefferies Financial Group initiated coverage on IonQ in a research report on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target on the stock. Mizuho initiated coverage on IonQ in a research report on Thursday, December 11th. They set an “outperform” rating and a $90.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a report on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and issued a $80.00 target price on shares of IonQ in a research report on Thursday, November 6th. Finally, Cantor Fitzgerald upped their target price on IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, IonQ has a consensus rating of “Moderate Buy” and an average price target of $75.91.
Check Out Our Latest Research Report on IONQ
IonQ Stock Down 4.1%
The company has a market cap of $16.44 billion, a P/E ratio of -8.84 and a beta of 2.63. The business has a fifty day moving average of $48.74 and a 200 day moving average of $51.37.
IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The company had revenue of $39.87 million for the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The firm’s revenue for the quarter was up 221.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.24) earnings per share. On average, sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CRO Rima Alameddine sold 100,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total value of $4,689,000.00. Following the completion of the transaction, the executive owned 432,616 shares of the company’s stock, valued at approximately $20,285,364.24. This represents a 18.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Teuber, Jr. bought 2,000 shares of the stock in a transaction dated Tuesday, November 11th. The stock was purchased at an average price of $54.81 per share, with a total value of $109,620.00. Following the purchase, the director owned 6,413 shares in the company, valued at $351,496.53. This trade represents a 45.32% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 125,000 shares of company stock worth $5,992,000. Company insiders own 5.20% of the company’s stock.
Institutional Trading of IonQ
A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of IonQ by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock worth $1,805,314,000 after acquiring an additional 4,587,260 shares in the last quarter. Norges Bank bought a new stake in IonQ during the second quarter worth about $114,767,000. JPMorgan Chase & Co. grew its holdings in IonQ by 648.5% in the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after purchasing an additional 2,317,058 shares during the period. Lansdowne Partners UK LLP increased its stake in shares of IonQ by 286.1% during the third quarter. Lansdowne Partners UK LLP now owns 1,937,031 shares of the company’s stock valued at $119,127,000 after purchasing an additional 1,435,394 shares in the last quarter. Finally, State Street Corp increased its stake in shares of IonQ by 19.9% during the third quarter. State Street Corp now owns 6,299,559 shares of the company’s stock valued at $387,423,000 after purchasing an additional 1,043,878 shares in the last quarter. 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.