IonQ (NYSE:IONQ) Stock Falls 2.4% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ)’s share price traded down 2.4% during trading on Wednesday. The company traded as low as $34.00 and last traded at $34.1540. Approximately 16,231,032 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 24,499,732 shares. The stock had previously closed at $34.99.

Recent IonQ Headlines

Investors following IONQ have been watching these headlines:

• Positive Sentiment: New distribution and access arrangements with Carahsoft and QuantumCT could broaden IonQ’s reach among government customers and users in Connecticut, supporting its shift toward commercial deployment. Raised Guidance Might Change The Case For Investing In IonQ Stock
• Positive Sentiment: Gartner named IonQ a “Market Shaper” in its inaugural quantum-computing quadrant for established vendors, recognizing its ability to deliver and support systems in commercial environments. IonQ Positioned as a Market Shaper
• Neutral Sentiment: Recent reports describe weaker revenue growth and widening losses at quantum rivals D-Wave, Quantum Computing Inc. and Rigetti. That may underscore IonQ’s relative execution, though weakness among peers could also weigh on sentiment toward the sector. IonQ Raised the Bar, But 3 Quantum Rivals Face Tough Questions

Analysts Set New Price Targets

Several analysts have commented on the stock. Wedbush reissued an “outperform” rating and set a $75.00 price target on shares of IonQ in a research report on Tuesday, October 13th. Needham & Company LLC reduced their price objective on shares of IonQ from $65.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, November 6th. Wall Street Zen upgraded shares of IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday. Mizuho decreased their target price on shares of IonQ from $61.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, September 9th. Finally, Jefferies Financial Group lowered their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, November 6th. Ten analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.23.

IonQ Stock Down 2.4%

The stock has a market capitalization of $14.67 billion, a PE ratio of 126.50 and a beta of 3.32. The company has a current ratio of 4.24, a quick ratio of 10.66 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average is $36.75 and its 200 day moving average is $41.44.

IonQ (NYSE:IONQ) last released its earnings results on Thursday, November 5th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.06. IonQ had a net margin of 67.09% and a return on equity of 0.18%. The company had revenue of $173.83 million for the quarter, compared to the consensus estimate of $141.49 million. During the same quarter in the previous year, the firm earned ($3.58) EPS. IonQ’s revenue was up 336.0% compared to the same quarter last year. As a group, analysts anticipate that IonQ, Inc. will post -2.96 EPS for the current year.

Insider Buying and Selling

In other IonQ news, insider John Raymond sold 2,407 shares of IonQ stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $37.21, for a total transaction of $89,564.47. Following the completion of the sale, the insider owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. The trade was a 3.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.55% of the company’s stock.

Institutional Trading of IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Archer Investment Corp acquired a new stake in IonQ during the second quarter worth about $25,000. EFG International AG acquired a new position in shares of IonQ during the second quarter valued at approximately $30,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in IonQ in the 3rd quarter valued at $35,000. N.E.W. Advisory Services LLC purchased a new position in shares of IonQ in the second quarter worth about $42,000. Finally, Blueline Advisors LLC purchased a new position in IonQ in the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Company Profile

IonQ, Inc. develops quantum computers and related technologies using trapped-ion qubits, which store information in individual charged atoms. The company designs quantum computing hardware and software for applications that may benefit from quantum processing, including optimization, chemistry, and machine learning. IonQ makes its quantum systems available to businesses, government agencies, and researchers through its cloud service and third-party platforms, including Amazon Braket and Microsoft Azure Quantum.