IonQ (NYSE:IONQ) Shares Down 4.3% - Here's What Happened

Key Points

• IonQ's shares fell by 4.3% to $75.80 amid a trading volume decrease of 34% compared to its average daily volume.
• Despite the recent decline, several analysts maintain a positive outlook, with seven analysts rating the stock as "Buy" and price targets ranging from $70 to $100.
• IonQ reported a revenue increase of 81.6% year-over-year, although it posted a larger-than-expected loss per share in its latest earnings report.

IonQ, Inc. (NYSE:IONQ - Get Free Report) was down 4.3% during mid-day trading on Wednesday . The stock traded as low as $75.71 and last traded at $75.80. Approximately 15,637,723 shares changed hands during trading, a decline of 34% from the average daily volume of 23,627,047 shares. The stock had previously closed at $79.23.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on IONQ shares. Oppenheimer started coverage on IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating on the stock. Rosenblatt Securities restated a "buy" rating and issued a $70.00 price target on shares of IonQ in a report on Monday, September 15th. Wolfe Research started coverage on IonQ in a report on Wednesday, July 30th. They issued a "peer perform" rating on the stock. Needham & Company LLC upped their price target on IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Finally, B. Riley upped their price target on IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, IonQ presently has an average rating of "Hold" and an average price target of $58.33.

IonQ Stock Performance

The firm has a market capitalization of $22.39 billion, a PE ratio of -37.51 and a beta of 2.60. The firm has a fifty day moving average of $50.90 and a 200 day moving average of $40.57.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The firm had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. IonQ's revenue for the quarter was up 81.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.18) earnings per share. Research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other news, Director Kathryn K. Chou sold 6,789 shares of IonQ stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $43.14, for a total transaction of $292,877.46. Following the sale, the director owned 60,839 shares of the company's stock, valued at approximately $2,624,594.46. The trade was a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert T. Cardillo sold 8,773 shares of IonQ stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $50.52, for a total value of $443,211.96. Following the sale, the insider directly owned 37,436 shares in the company, valued at approximately $1,891,266.72. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,665 shares of company stock valued at $8,223,268 over the last ninety days. Insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Archer Investment Corp grew its position in IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock worth $25,000 after purchasing an additional 322 shares in the last quarter. ORG Partners LLC grew its position in IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after purchasing an additional 870 shares in the last quarter. Farther Finance Advisors LLC grew its position in IonQ by 780.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after purchasing an additional 1,295 shares in the last quarter. Close Asset Management Ltd acquired a new stake in shares of IonQ during the 1st quarter valued at $35,000. Finally, SVB Wealth LLC acquired a new stake in shares of IonQ during the 1st quarter valued at $35,000. 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.

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