IonQ, Inc. (NYSE:IONQ – Get Free Report) dropped 9.7% during mid-day trading on Tuesday . The company traded as low as $53.26 and last traded at $56.6870. Approximately 35,017,268 shares were traded during trading, an increase of 31% from the average daily volume of 26,793,232 shares. The stock had previously closed at $62.80.
IonQ News Roundup
Here are the key news stories impacting IonQ this week:
- Positive Sentiment: IonQ remains a favored pure-play quantum computing name in several bullish articles, with writers highlighting its market-leading technology and long-term upside in the sector. 3 Unstoppable Quantum Computing Stocks to Buy Now
- Positive Sentiment: A bullish thesis cited by outside analysts points to strong Q1 revenue, raised full-year guidance, rapid growth in remaining performance obligations, and major acquisitions that could expand IonQ’s scale and vertical integration. Is IonQ, Inc. (IONQ) A Good Stock To Buy Now?
- Positive Sentiment: IonQ has also been included in multiple “best stocks to follow” and “buy now” lists, keeping investor attention on the company’s growth story. Brokers Suggest Investing in IonQ (IONQ): Read This Before Placing a Bet
- Neutral Sentiment: Broader market coverage continues to frame IonQ as one of the key quantum computing stocks to watch, which supports trading interest but does not change fundamentals by itself. Best Quantum Computing Stocks To Follow Today – June 6th
- Negative Sentiment: Martin Shkreli publicly accused IonQ of making misleading bitcoin-mining claims, raising reputational concerns and potentially adding to volatility around the stock. Martin Shkreli accuses IONQ of making wild bitcoin mining claims: ‘They were lying’
Analyst Upgrades and Downgrades
IONQ has been the subject of a number of recent analyst reports. Morgan Stanley set a $48.50 price target on shares of IonQ in a report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price target on shares of IonQ in a report on Thursday, May 7th. Needham & Company LLC cut their price target on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of IonQ in a report on Thursday, February 26th. Finally, JPMorgan Chase & Co. lifted their target price on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.
IonQ Trading Down 9.7%
The company’s fifty day moving average is $47.83 and its two-hundred day moving average is $44.25. The stock has a market cap of $21.16 billion, a price-to-earnings ratio of -202.45 and a beta of 3.18.
IonQ (NYSE:IONQ – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The business had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business’s revenue was up 754.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.14) EPS. Analysts predict that IonQ, Inc. will post -2.26 EPS for the current year.
Insider Buying and Selling at IonQ
In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares in the company, valued at $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John W. Raymond sold 2,800 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the transaction, the insider owned 83,963 shares of the company’s stock, valued at approximately $2,799,326.42. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 5.20% of the company’s stock.
Hedge Funds Weigh In On IonQ
Several institutional investors have recently modified their holdings of the business. Ameriflex Group Inc. lifted its position 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 last quarter. Accent Capital Management LLC lifted its position in shares of IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares during the last quarter. Fortitude Family Office LLC lifted its position in shares of IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after purchasing an additional 608 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of IonQ by 216.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock worth $28,000 after purchasing an additional 656 shares during the last quarter. Finally, PeakShares LLC purchased a new stake in shares of IonQ during the 1st quarter worth $29,000. Institutional investors and hedge funds own 41.42% of the company’s stock.
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.
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