IonQ (NYSE:IONQ) Stock Price Down 2.4% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 2.4% during trading on Wednesday. The stock traded as low as $34.00 and last traded at $34.1540. 16,231,032 shares were traded during mid-day trading, a decline of 34% from the average session volume of 24,499,732 shares. The stock had previously closed at $34.99.

IonQ News Roundup

These are some of the IONQ news items that stood out recently:

• Positive Sentiment: New distribution and access arrangements with Carahsoft and QuantumCT could broaden IonQ’s reach among government customers and users in Connecticut, supporting its shift toward commercial deployment. Raised Guidance Might Change The Case For Investing In IonQ Stock
• Neutral Sentiment: Recent reports describe weaker revenue growth and widening losses at quantum rivals D-Wave, Quantum Computing Inc. and Rigetti. That may underscore IonQ’s relative execution, though weakness among peers could also weigh on sentiment toward the sector. IonQ Raised the Bar, But 3 Quantum Rivals Face Tough Questions
• Negative Sentiment: IonQ shares also faced pressure alongside space stocks after those companies’ results, suggesting some near-term moves reflected broader market or sector trading rather than IonQ-specific news. IonQ Shares Fall With Space Stocks

Analyst Ratings Changes

IONQ has been the topic of a number of recent research reports. Jefferies Financial Group lowered their price objective on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Zacks Research downgraded IonQ from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 5th. Cantor Fitzgerald reduced their price target on IonQ from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, November 6th. Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday. Finally, Benchmark reissued a “buy” rating and issued a $60.00 price objective on shares of IonQ in a report on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.23.

IonQ Stock Performance

The firm’s fifty day moving average is $36.75 and its 200-day moving average is $41.44. The company has a current ratio of 4.24, a quick ratio of 10.66 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $14.67 billion, a PE ratio of 126.50 and a beta of 3.32.

IonQ (NYSE:IONQ) last announced its earnings results on Thursday, November 5th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.06. IonQ had a net margin of 67.09% and a return on equity of 0.18%. The company had revenue of $173.83 million during the quarter, compared to analyst estimates of $141.49 million. During the same quarter last year, the firm posted ($3.58) earnings per share. IonQ’s revenue was up 336.0% compared to the same quarter last year. As a group, research analysts anticipate that IonQ, Inc. will post -2.96 earnings per share for the current year.

Insider Activity at IonQ

In related news, insider John Raymond sold 2,407 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the transaction, the insider owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of IonQ during the second quarter worth $1,112,945,000. Bank of America Corp DE purchased a new stake in shares of IonQ in the 2nd quarter valued at $344,757,000. Bank of New York Mellon Corp purchased a new stake in shares of IonQ in the 2nd quarter valued at $113,863,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in IonQ by 45.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,632,290 shares of the company’s stock worth $86,936,000 after acquiring an additional 506,191 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in IonQ during the 2nd quarter worth about $82,126,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Company Profile

IonQ, Inc. develops quantum computers and related technologies using trapped-ion qubits, which store information in individual charged atoms. The company designs quantum computing hardware and software for applications that may benefit from quantum processing, including optimization, chemistry, and machine learning. IonQ makes its quantum systems available to businesses, government agencies, and researchers through its cloud service and third-party platforms, including Amazon Braket and Microsoft Azure Quantum.