IonQ (NYSE:IONQ) Trading Down 13.3% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) shares fell 13.3% during mid-day trading on Wednesday . The company traded as low as $28.04 and last traded at $28.59. 19,287,791 shares traded hands during trading, an increase of 98% from the average session volume of 9,734,382 shares. The stock had previously closed at $32.97.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Benchmark upped their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum upped their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC raised their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

IonQ Stock Performance

The company has a market cap of $7.32 billion, a price-to-earnings ratio of -38.74 and a beta of 2.49. The stock’s fifty day simple moving average is $22.12 and its two-hundred day simple moving average is $12.67.

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

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. This represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IONQ. Quest Partners LLC raised its holdings in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the period. nVerses Capital LLC acquired a new position in IonQ in the 3rd quarter worth $72,000. Redwood Wealth Management Group LLC purchased a new position in IonQ in the 2nd quarter valued at about $67,000. Impact Partnership Wealth LLC acquired a new stake in shares of IonQ during the third quarter valued at about $89,000. Finally, Arete Wealth Advisors LLC acquired a new position in shares of IonQ in the third quarter worth about $91,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.