IonQ (NYSE:IONQ) Stock Price Down 1.5% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price was down 1.5% during trading on Monday. The stock traded as low as $30.29 and last traded at $30.8060. 24,614,792 shares were traded during mid-day trading, a decline of 1% from the average session volume of 24,759,252 shares. The stock had previously closed at $31.28.

Analyst Ratings Changes

A number of brokerages have recently commented on IONQ. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 price objective on shares of IonQ in a research note on Wednesday, September 9th. Wall Street Zen lowered shares of IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Bank of America assumed coverage on shares of IonQ in a research report on Monday, September 28th. They issued a “buy” rating and a $60.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of IonQ in a research note on Tuesday, October 13th. Finally, Mizuho lowered their price objective on IonQ from $61.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, September 9th. Ten analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $63.33.

IonQ Stock Down 1.5%

The stock has a market capitalization of $11.74 billion, a PE ratio of -6.61 and a beta of 3.36. The company has a 50-day moving average of $40.67 and a 200 day moving average of $44.89.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.23. The firm had revenue of $80.05 million during the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. The firm’s revenue was up 286.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.70) EPS. As a group, equities analysts predict that IonQ, Inc. will post -2.11 EPS for the current fiscal year.

Insider Activity

In other news, insider John Raymond sold 2,407 shares of the stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $37.21, for a total value of $89,564.47. Following the completion of the sale, the insider directly owned 77,741 shares in the company, valued at $2,892,742.61. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Counterpoint Mutual Funds LLC lifted its holdings in shares of IonQ by 16.0% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 6,563 shares of the company’s stock worth $288,000 after acquiring an additional 903 shares during the last quarter. TD Waterhouse Canada Inc. boosted its position in shares of IonQ by 16.5% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 13,394 shares of the company’s stock worth $589,000 after purchasing an additional 1,896 shares during the period. Vanguard Capital Wealth Advisors purchased a new position in shares of IonQ during the 3rd quarter worth approximately $763,000. Milestone Asset Management LLC increased its holdings in IonQ by 5.1% in the 3rd quarter. Milestone Asset Management LLC now owns 20,901 shares of the company’s stock valued at $917,000 after purchasing an additional 1,019 shares during the last quarter. Finally, Walser Wealth Management Company A Ltd Liability Co increased its holdings in IonQ by 11.4% in the 3rd quarter. Walser Wealth Management Company A Ltd Liability Co now owns 11,091 shares of the company’s stock valued at $486,000 after purchasing an additional 1,137 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

About IonQ

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.