IonQ (NYSE:IONQ) Shares Down 2% – What’s Next?
by Jessica Moore · The Cerbat GemShares of IonQ, Inc. (NYSE:IONQ – Get Free Report) traded down 2% during trading on Wednesday . The company traded as low as $49.32 and last traded at $49.7320. 14,192,069 shares were traded during trading, a decline of 17% from the average session volume of 17,137,838 shares. The stock had previously closed at $50.76.
Analyst Upgrades and Downgrades
Several research firms have issued reports on IONQ. Morgan Stanley increased their target price on IonQ from $32.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 4th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price objective on shares of IonQ in a research note on Thursday, November 6th. Jefferies Financial Group began coverage on IonQ in a report on Tuesday, December 16th. They set a “buy” rating and a $100.00 price objective on the stock. Benchmark raised their target price on IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, September 16th. Finally, Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $72.08.
Get Our Latest Research Report on IONQ
IonQ Price Performance
The company has a market cap of $17.28 billion, a PE ratio of -9.30 and a beta of 2.63. The company has a fifty day moving average price of $50.25 and a 200 day moving average price of $50.82.
IonQ (NYSE:IONQ – Get Free Report) last announced its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The company had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The company’s revenue for the quarter was up 221.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. As a group, sell-side analysts predict 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 100,000 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the completion of the sale, the executive directly owned 432,616 shares in the company, valued at $20,285,364.24. This represents a 18.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William J. Teuber, Jr. bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were bought at an average price of $54.81 per share, with a total value of $109,620.00. Following the completion of the acquisition, the director directly owned 6,413 shares in the company, valued at $351,496.53. This trade represents a 45.32% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 125,000 shares of company stock valued at $5,992,000 over the last three months. Insiders own 5.20% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the company. Comerica Bank increased its position in shares of IonQ by 4,301.9% in the first quarter. Comerica Bank now owns 4,666 shares of the company’s stock valued at $103,000 after acquiring an additional 4,560 shares during the period. Royal Bank of Canada boosted its holdings in shares of IonQ by 12.5% during the first quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after purchasing an additional 14,898 shares during the period. Amundi bought a new stake in shares of IonQ in the first quarter worth about $630,000. AQR Capital Management LLC increased its holdings in IonQ by 106.2% during the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock valued at $1,265,000 after purchasing an additional 29,513 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in IonQ by 24.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after purchasing an additional 87,428 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.
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. 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.