IonQ (NYSE:IONQ) Stock Price Down 1.4% - Here's Why

Key Points

• IonQ shares fell 1.4% in Monday trading, with the stock touching a low of $34.21 on lighter-than-average volume.
• Analyst sentiment remains broadly positive: IonQ has a “Moderate Buy” consensus rating and an average price target of $69.88, though some firms have mixed ratings and targets.
• The company’s latest earnings showed revenue growth of 754.7% year over year to $64.67 million, but EPS missed estimates and analysts expect IonQ to remain unprofitable this year.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price fell 1.4% during mid-day trading on Monday . The stock traded as low as $34.21 and last traded at $34.2960. 16,365,281 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 25,890,668 shares. The stock had previously closed at $34.78.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on IONQ shares. Weiss Ratings upgraded IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. Rosenblatt Securities restated a "buy" rating and issued a $100.00 price target on shares of IonQ in a research note on Thursday, June 11th. Wedbush reaffirmed an "outperform" rating and set a $60.00 price target on shares of IonQ in a report on Monday, May 4th. JPMorgan Chase & Co. lifted their price objective on shares of IonQ from $42.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Finally, Morgan Stanley set a $48.50 price objective on shares of IonQ in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, IonQ has an average rating of "Moderate Buy" and an average target price of $69.88.

IonQ Price Performance

The stock has a market capitalization of $12.80 billion, a price-to-earnings ratio of -122.49 and a beta of 3.23. The company's 50-day simple moving average is $54.66 and its 200-day simple moving average is $44.53.

IonQ (NYSE:IONQ - Get Free Report) last posted its 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 firm had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. IonQ's revenue for the quarter was up 754.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.14) EPS. Research analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Transactions at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of the business's stock in a transaction dated 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 sale, the insider owned 139,967 shares of the company's stock, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kathryn K. Chou sold 2,757 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the completion of the transaction, the director owned 62,608 shares in the company, valued at $3,444,692.16. This trade represents a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 13,102 shares of company stock valued at $701,489. Corporate insiders own 0.55% of the company's stock.

Institutional Trading of IonQ

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Handelsbanken Fonder AB boosted its holdings in IonQ by 41.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 130,200 shares of the company's stock valued at $6,934,000 after purchasing an additional 38,000 shares during the period. Fulton Bank N.A. bought a new position in shares of IonQ during the second quarter worth approximately $202,000. Wealthcare Advisory Partners LLC increased its holdings in shares of IonQ by 33.9% during the second quarter. Wealthcare Advisory Partners LLC now owns 11,541 shares of the company's stock worth $615,000 after purchasing an additional 2,923 shares during the period. Bay Rivers Group acquired a new stake in shares of IonQ in the second quarter valued at approximately $337,000. Finally, Adamsbrown Wealth Consultants LLC acquired a new stake in shares of IonQ in the second quarter valued at approximately $221,000. 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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