IonQ (NYSE:IONQ) Shares Down 4.5% - Here's What Happened

Key Points

• IonQ's stock declined by 4.5%, closing at $61.37 after reaching a low of $60.59, with trading volume down 4% compared to its average.
• Recent analyst reports reflect mixed sentiments, with DA Davidson downgrading IonQ's rating to "neutral" at a $35 price target, while Needham & Company raised its target from $60 to $80, maintaining a "buy" rating.
• IonQ reported earnings of ($0.70) per share, falling short of the estimate of ($0.13), although revenue showed significant growth of 81.6% year-over-year, totaling $20.69 million.

IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 4.5% during mid-day trading on Tuesday . The company traded as low as $60.59 and last traded at $61.37. 22,362,352 shares traded hands during trading, a decline of 4% from the average session volume of 23,273,574 shares. The stock had previously closed at $64.26.

Analysts Set New Price Targets

IONQ has been the subject of a number of research analyst reports. DA Davidson cut IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target for the company. in a report on Thursday, August 7th. Needham & Company LLC lifted their price target on IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a report on Monday, September 15th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 price target on shares of IonQ in a report on Monday, September 15th. Oppenheimer initiated coverage on IonQ in a report on Wednesday, July 30th. They issued an "outperform" rating for the company. Finally, Cantor Fitzgerald lifted their price target on IonQ from $45.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and an average target price of $58.33.

IonQ Trading Down 4.5%

The stock has a market capitalization of $18.22 billion, a P/E ratio of -30.53 and a beta of 2.54. The company has a fifty day simple moving average of $47.49 and a two-hundred day simple moving average of $38.67.

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

Insider Buying and Selling

In other news, CEO Masi Niccolo De sold 16,120 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $715,728.00. Following the completion of the sale, the chief executive officer directly owned 1,181,186 shares of the company's stock, valued at $52,444,658.40. This represents a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas G. Kramer sold 64,578 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total value of $2,700,651.96. Following the completion of the sale, the chief financial officer directly owned 473,302 shares of the company's stock, valued at approximately $19,793,489.64. This trade represents a 12.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 351,047 shares of company stock worth $15,645,611 over the last quarter. Insiders own 5.20% of the company's stock.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently modified their holdings of the stock. Archer Investment Corp increased its stake in shares of IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock valued at $25,000 after acquiring an additional 322 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of IonQ by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after purchasing an additional 279 shares during the period. Atlantic Union Bankshares Corp acquired a new position in shares of IonQ in the 2nd quarter valued at approximately $39,000. Huntington National Bank grew its position in shares of IonQ by 2,034.0% in the 2nd quarter. Huntington National Bank now owns 1,003 shares of the company's stock valued at $43,000 after purchasing an additional 956 shares during the period. Finally, TD Waterhouse Canada Inc. grew its position in shares of IonQ by 28.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock valued at $40,000 after purchasing an additional 223 shares during the period. 41.42% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.