IonQ (NYSE:IONQ) Trading Down 3.6% – Here’s Why

IonQ, Inc. (NYSE:IONQ)’s share price dropped 3.6% during mid-day trading on Monday . The company traded as low as $37.72 and last traded at $38.5570. Approximately 21,318,716 shares traded hands during trading, an increase of 4% from the average daily volume of 20,435,527 shares. The stock had previously closed at $39.98.

Wall Street Analyst Weigh In

IONQ has been the subject of several analyst reports. Wedbush initiated coverage on IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price objective for the company. DA Davidson increased their price objective on IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Mizuho assumed coverage on shares of IonQ in a report on Thursday, December 11th. They set an “outperform” rating and a $90.00 target price on the stock. Jefferies Financial Group began coverage on IonQ in a research report on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of IonQ in a report on Tuesday, January 27th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $75.91.

IonQ Stock Down 3.6%

The business has a fifty day moving average of $48.55 and a 200 day moving average of $51.49. The company has a market cap of $13.40 billion, a P/E ratio of -7.21 and a beta of 2.63.

IonQ (NYSE:IONQ) last released its 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). IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The firm had revenue of $39.87 million during the quarter, compared to analysts’ expectations of $26.99 million. During the same quarter in the previous year, the business earned ($0.24) EPS. The company’s revenue for the quarter was up 221.5% compared to the same quarter last year. On average, sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 100,000 shares of the firm’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total value of $4,689,000.00. Following the transaction, the executive directly owned 432,616 shares of the company’s stock, valued at approximately $20,285,364.24. This trade represents a 18.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathryn K. Chou sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $55.00, for a total value of $275,000.00. Following the sale, the director directly owned 60,839 shares in the company, valued at $3,346,145. This trade represents a 7.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 125,000 shares of company stock worth $5,992,000 in the last three months. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Archer Investment Corp boosted its position in IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares in the last quarter. Stone House Investment Management LLC boosted its stake in shares of IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after buying an additional 350 shares during the last quarter. Ameriflex Group Inc. grew its stake in shares of IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after purchasing an additional 340 shares during the period. Hilltop National Bank increased its holdings in shares of IonQ by 112.5% during the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares in the last quarter. Finally, Fortitude Family Office LLC lifted its stake in shares of IonQ by 3,800.0% in the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after purchasing an additional 608 shares during the period. 41.42% of the stock is currently 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.