IonQ (NYSE:IONQ) Trading Down 4.8% - Here's Why

Key Points

• IonQ's stock dropped 4.8% during trading, with shares falling to as low as $58.69, compared to a previous close of $62.94.
• Brokerage firms have issued mixed ratings on IonQ, with multiple analysts giving it "buy" ratings and a consensus recommendation of "hold" alongside an average target price of $58.33.
• The company reported a revenue increase of 81.6% year-over-year, totaling $20.69 million for the quarter, but missed earnings expectations significantly, reporting ($0.70) earnings per share.

IonQ, Inc. (NYSE:IONQ - Get Free Report) fell 4.8% during trading on Monday . The company traded as low as $58.69 and last traded at $59.90. 28,090,519 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 24,208,000 shares. The stock had previously closed at $62.94.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IONQ. Oppenheimer started coverage on IonQ in a research report on Wednesday, July 30th. They issued an "outperform" rating on the stock. Needham & Company LLC upped their price objective on IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Sanford C. Bernstein started coverage on IonQ in a research report on Wednesday, July 30th. They issued a "market perform" rating on the stock. Benchmark upped their price objective on IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Finally, Cantor Fitzgerald upped their price objective on IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $58.33.

IonQ Stock Performance

The firm has a market capitalization of $17.78 billion, a price-to-earnings ratio of -29.80 and a beta of 2.60. The company has a 50 day moving average price of $56.14 and a two-hundred day moving average price of $43.43.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results 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 business had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The company's quarterly revenue was up 81.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.18) earnings per share. On average, equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In related news, insider Paul T. Dacier sold 4,175 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $185,370.00. Following the completion of the transaction, the insider directly owned 114,454 shares of the company's stock, valued at approximately $5,081,757.60. This represents a 3.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $715,728.00. Following the completion of the transaction, the chief executive officer directly owned 1,181,186 shares of the company's stock, valued at approximately $52,444,658.40. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 131,398 shares of company stock worth $5,665,690 in the last quarter. 5.20% of the stock is owned by insiders.

Institutional Trading of IonQ

Large investors have recently added to or reduced their stakes in the stock. Hilltop National Bank grew its holdings in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company's stock valued at $26,000 after buying an additional 225 shares in the last quarter. Archer Investment Corp grew its holdings in 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 buying an additional 322 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in IonQ in the 3rd quarter valued at $49,000. EverSource Wealth Advisors LLC grew its holdings in shares of IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock worth $36,000 after purchasing an additional 279 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of IonQ during the 2nd quarter worth $39,000. 41.42% of the stock is currently 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.

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.