IonQ (NYSE:IONQ) Shares Down 14.4% – What’s Next?

IonQ, Inc. (NYSE:IONQ) traded down 14.4% on Thursday . The stock traded as low as $40.69 and last traded at $40.97. 32,836,139 shares traded hands during trading, an increase of 33% from the average session volume of 24,615,123 shares. The stock had previously closed at $47.88.

Analyst Ratings Changes

Several analysts recently weighed in on IONQ shares. Morgan Stanley increased their price target on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Wolfe Research began coverage on shares of IonQ in a research note on Wednesday, July 30th. They issued a “peer perform” rating on the stock. Rosenblatt Securities raised their target price on shares of IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. DA Davidson lifted their price target on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Finally, B. Riley increased their price objective on shares of IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, IonQ currently has an average rating of “Hold” and an average target price of $66.00.

IonQ Price Performance

The firm has a market capitalization of $14.23 billion, a P/E ratio of -7.66 and a beta of 2.59. The firm has a 50-day moving average price of $62.77 and a two-hundred day moving average price of $48.22.

IonQ (NYSE:IONQ) last posted its quarterly 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). The company had revenue of $39.87 million during the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The company’s revenue for the quarter was up 221.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.24) earnings per share. IonQ has set its FY 2025 guidance at EPS. Sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, insider Robert T. Cardillo sold 8,773 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $50.52, for a total transaction of $443,211.96. Following the transaction, the insider owned 37,436 shares of the company’s stock, valued at approximately $1,891,266.72. This trade represents a 18.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Rima Alameddine sold 19,976 shares of IonQ stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $886,934.40. Following the transaction, the executive directly owned 532,616 shares in the company, valued at approximately $23,648,150.40. The trade was a 3.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 113,622 shares of company stock valued at $4,931,896 in the last ninety days. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds have recently modified their holdings of IONQ. Archer Investment Corp boosted its holdings in shares of IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after buying an additional 322 shares in the last quarter. Stone House Investment Management LLC raised its stake in shares of IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares in the last quarter. Ameriflex Group Inc. lifted its position in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after acquiring an additional 340 shares during the last quarter. Hilltop National Bank lifted its position in IonQ by 112.5% during the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after acquiring an additional 225 shares during the last quarter. Finally, Financial Consulate Inc. acquired a new stake in IonQ in the third quarter valued at approximately $29,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.