IonQ (NYSE:IONQ) Trading Down 2.5% – Here’s Why

IonQ, Inc. (NYSE:IONQ) dropped 2.5% during mid-day trading on Wednesday . The company traded as low as $47.33 and last traded at $47.8880. Approximately 18,885,488 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 24,575,656 shares. The stock had previously closed at $49.12.

Analyst Upgrades and Downgrades

IONQ has been the topic of a number of research reports. Sanford C. Bernstein initiated coverage on IonQ in a research note on Wednesday, July 30th. They set a “market perform” rating on the stock. Oppenheimer assumed coverage on IonQ in a report on Wednesday, July 30th. They issued an “outperform” rating on the stock. DA Davidson increased their target price on IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. B. Riley lifted their target price on IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Finally, Zacks Research upgraded shares of IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, IonQ presently has an average rating of “Hold” and a consensus target price of $68.11.

IonQ Trading Down 2.5%

The company has a market cap of $16.64 billion, a PE ratio of -8.95 and a beta of 2.59. The company has a fifty day simple moving average of $62.69 and a two-hundred day simple moving average of $48.23.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The company had revenue of $39.87 million for the quarter, compared to analyst estimates of $26.99 million. During the same period in the prior year, the firm posted ($0.24) earnings per share. The business’s quarterly revenue was up 221.5% compared to the same quarter last year. IonQ has set its FY 2025 guidance at EPS. On average, research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity at IonQ

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

Institutional Trading of IonQ

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of IonQ by 18.5% during 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 acquired a new position in IonQ in the second quarter valued at approximately $114,767,000. JPMorgan Chase & Co. increased its stake in IonQ by 648.5% in the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock valued at $114,917,000 after purchasing an additional 2,317,058 shares during the last quarter. Lansdowne Partners UK LLP raised its holdings in IonQ by 286.1% during the third quarter. Lansdowne Partners UK LLP now owns 1,937,031 shares of the company’s stock worth $119,127,000 after purchasing an additional 1,435,394 shares in the last quarter. Finally, State Street Corp lifted its position in shares of IonQ by 19.9% during the 3rd quarter. State Street Corp now owns 6,299,559 shares of the company’s stock worth $387,423,000 after buying an additional 1,043,878 shares during 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.