IonQ (NYSE:IONQ) Shares Down 3% – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s stock price was down 3% during trading on Tuesday . The company traded as low as $40.22 and last traded at $41.46. Approximately 5,483,252 shares traded hands during trading, a decline of 75% from the average daily volume of 22,315,576 shares. The stock had previously closed at $42.74.

Analyst Ratings Changes

Several research firms recently issued reports on IONQ. B. Riley began coverage on IonQ in a research report on Wednesday, August 27th. They set a “buy” rating and a $61.00 target price for the company. DA Davidson downgraded shares of IonQ from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a report on Thursday, August 7th. Needham & Company LLC reiterated a “buy” rating on shares of IonQ in a report on Monday, August 4th. Wolfe Research initiated coverage on shares of IonQ in a report on Wednesday, July 30th. They set a “peer perform” rating for the company. Finally, Morgan Stanley lifted their target price on IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.78.

IonQ Price Performance

The company has a 50-day moving average of $41.87 and a 200 day moving average of $34.34. The company has a market cap of $12.56 billion, a PE ratio of -21.06 and a beta of 2.54.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.57). The firm had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The company’s revenue was up 81.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.18) EPS. Equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In related news, Director Kathryn K. Chou sold 6,789 shares of the firm’s stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $43.14, for a total transaction of $292,877.46. Following the completion of the sale, the director directly owned 60,839 shares of the company’s stock, valued at approximately $2,624,594.46. This trade represents a 10.04% 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, CRO Rima Alameddine sold 45,000 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $46.18, for a total value of $2,078,100.00. Following the completion of the sale, the executive owned 552,592 shares in the company, valued at approximately $25,518,698.56. The trade was a 7.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,209,626 shares of company stock valued at $361,253,723. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On IonQ

Large investors have recently added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. increased its position in shares of IonQ by 28.4% during the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company’s stock worth $40,000 after acquiring an additional 223 shares during the period. EverSource Wealth Advisors LLC increased its holdings in IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after purchasing an additional 279 shares during the period. Rothschild Investment LLC raised its position in IonQ by 12.2% during the 2nd quarter. Rothschild Investment LLC now owns 2,720 shares of the company’s stock valued at $117,000 after purchasing an additional 295 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of IonQ by 4.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,882 shares of the company’s stock worth $296,000 after buying an additional 306 shares during the period. Finally, Prospera Financial Services Inc grew its position in shares of IonQ by 0.8% during the 2nd quarter. Prospera Financial Services Inc now owns 42,286 shares of the company’s stock worth $1,817,000 after buying an additional 320 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.