IonQ (NYSE:IONQ) Shares Down 1.8% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) traded down 1.8% during mid-day trading on Tuesday . The company traded as low as $29.70 and last traded at $30.32. 12,320,089 shares traded hands during trading, an increase of 35% from the average session volume of 9,122,075 shares. The stock had previously closed at $30.88.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Craig Hallum lifted their price objective on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC lifted their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group cut their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Benchmark lifted their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Stock Up 5.0 %

The stock has a fifty day moving average of $16.61 and a 200-day moving average of $10.79. The firm has a market capitalization of $6.96 billion, a P/E ratio of -39.72 and a beta of 1.89.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.22) earnings per share. As a group, analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now directly owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.

Institutional Trading of IonQ

A number of institutional investors and hedge funds have recently modified their holdings of IONQ. Quest Partners LLC increased its stake in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after acquiring an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in IonQ during the 2nd quarter worth approximately $67,000. nVerses Capital LLC bought a new stake in IonQ during the 3rd quarter worth approximately $72,000. Mosley Wealth Management bought a new stake in IonQ during the 2nd quarter worth approximately $81,000. Finally, Xponance Inc. bought a new stake in IonQ during the 2nd quarter worth approximately $88,000. 41.42% of the stock is owned by 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.