IonQ (NYSE:IONQ) Stock Price Down 6.6% - Here's Why

Key Points

• IonQ shares fell 6.6% on Thursday, trading as low as $34.67 after closing at $37.51, on slightly lighter-than-average volume.
• Despite the stock drop, analyst sentiment remains generally positive: IonQ has a Moderate Buy consensus and an average price target of $69.88, though a few firms recently trimmed ratings or issued more cautious views.
• Recent fundamentals were mixed, with revenue of $64.67 million topping estimates but EPS of -$0.34 missing expectations; insiders also sold shares in June, while institutional investors increased holdings in some cases.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price fell 6.6% during trading on Thursday . The stock traded as low as $34.67 and last traded at $35.0250. Approximately 24,304,784 shares changed hands during mid-day trading, a decline of 6% from the average session volume of 25,974,443 shares. The stock had previously closed at $37.51.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IONQ. Rosenblatt Securities restated a "buy" rating and set a $100.00 target price on shares of IonQ in a research note on Thursday, June 11th. Wedbush reissued an "outperform" rating and issued a $60.00 price target on shares of IonQ in a report on Monday, May 4th. Wall Street Zen upgraded shares of IonQ from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 13th. Jefferies Financial Group set a $85.00 price objective on IonQ in a report on Thursday, May 7th. Finally, Weiss Ratings raised IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Monday, May 11th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $69.88.

IonQ Stock Down 6.6%

The firm has a market capitalization of $13.07 billion, a price-to-earnings ratio of -125.09 and a beta of 3.23. The company's 50 day moving average is $55.20 and its 200 day moving average is $44.69.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. During the same quarter last year, the firm earned ($0.14) EPS. IonQ's revenue for the quarter was up 754.7% compared to the same quarter last year. On average, analysts expect that IonQ, Inc. will post -2.26 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, insider John W. Raymond sold 3,815 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the completion of the sale, the insider directly owned 80,148 shares in the company, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This represents a 19.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,102 shares of company stock valued at $701,489 in the last three months. Corporate insiders own 0.55% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Handelsbanken Fonder AB raised its stake in IonQ by 41.2% in the second 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 in the last quarter. Fulton Bank N.A. acquired a new stake in IonQ during the second quarter worth about $202,000. Wealthcare Advisory Partners LLC grew its stake in 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 buying an additional 2,923 shares in the last quarter. Bay Rivers Group bought a new position in IonQ in the 2nd quarter valued at about $337,000. Finally, Adamsbrown Wealth Consultants LLC bought a new position in IonQ in the 2nd quarter valued at about $221,000. Institutional investors 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. 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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