IonQ (NYSE:IONQ) Reaches New 52-Week Low - Here's What Happened

Key Points

• IonQ shares hit a new 52-week low of $25.81, down from the prior close of $29.54, amid a broader selloff in quantum and technology stocks.
• Investor concerns also include B. Riley’s price-target cut and questions about turning growth and deals into revenue and profitability; quarterly results and guidance are due later today.
• IonQ reported business developments including a QuantumCT cloud-access partnership, a $7.5 million Air Force funding installment, and its acquisition of cybersecurity firm Elisity.

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares hit a new 52-week low during trading on Thursday. The company traded as low as $25.81 and last traded at $25.9030, with a volume of 8,611,496 shares trading hands. The stock had previously closed at $29.54.

Key Stories Impacting IonQ

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: IonQ is expanding customer access through a QuantumCT partnership, which will purchase more than 150 hours of cloud access to IonQ quantum computers for Connecticut-based organizations. IonQ lands QuantumCT contract
• Positive Sentiment: The company received a $7.5 million Air Force funding installment for quantum networking work under an existing agreement, supporting its government-business opportunity, though it is not a new contract. IonQ Air Force funding
• Neutral Sentiment: IonQ completed its all-stock acquisition of Elisity, adding Zero Trust security capabilities alongside its post-quantum cryptography and quantum key distribution offerings. The deal broadens its security strategy, while integration and stock issuance remain considerations for investors. IonQ completes Elisity acquisition
• Negative Sentiment: Quantum shares, including IonQ, fell amid renewed risk aversion in technology stocks following a chip-sector selloff, with the decline not tied to company-specific news. Quantum stocks slide
• Negative Sentiment: B. Riley lowered its price target, adding to investor caution about whether IonQ can translate rapid growth and recent deals into revenue and improved profitability. Q3 results are due later today, keeping attention on growth, losses, and guidance. B. Riley target and revenue focus

Wall Street Analysts Forecast Growth

IONQ has been the subject of several research analyst reports. Bank of America initiated coverage on shares of IonQ in a report on Monday, September 28th. They issued a "buy" rating and a $60.00 price objective for the company. B. Riley Financial lowered their target price on shares of IonQ from $100.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday. Benchmark restated a "buy" rating and set a $60.00 price target on shares of IonQ in a research report on Thursday, August 6th. Morgan Stanley reduced their price target on shares of IonQ from $49.00 to $43.00 and set an "equal weight" rating for the company in a research note on Thursday, October 15th. Finally, Wall Street Zen cut shares of IonQ from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Ten equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $64.23.

IonQ Price Performance

The firm has a market cap of $11.42 billion, a price-to-earnings ratio of -5.65 and a beta of 3.32. The stock's fifty day moving average price is $37.39 and its 200-day moving average price is $41.79.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.23. The business had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. IonQ's revenue for the quarter was up 286.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.70) earnings per share. As a group, equities research analysts predict that IonQ, Inc. will post -2.96 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In related news, insider John Raymond sold 2,407 shares of the firm's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $37.21, for a total value of $89,564.47. Following the transaction, the insider directly owned 77,741 shares in the company, valued at approximately $2,892,742.61. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.55% of the company's stock.

Institutional Trading of IonQ

Institutional investors have recently bought and sold shares of the stock. Moneco Advisors LLC increased its position in shares of IonQ by 4.2% in the 3rd quarter. Moneco Advisors LLC now owns 11,664 shares of the company's stock valued at $512,000 after buying an additional 467 shares in the last quarter. Keybank National Association OH grew its position in shares of IonQ by 111.6% in the 3rd quarter. Keybank National Association OH now owns 17,151 shares of the company's stock valued at $752,000 after purchasing an additional 9,047 shares during the period. Equitec Proprietary Markets LLC bought a new stake in IonQ during the 3rd quarter worth approximately $53,000. New York Life Investment Management LLC acquired a new position in shares of IonQ in the third quarter valued at approximately $346,000. Finally, AlphaCore Capital LLC increased its position in shares of IonQ by 74.1% during the third quarter. AlphaCore Capital LLC now owns 11,270 shares of the company's stock worth $494,000 after acquiring an additional 4,796 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

About IonQ

IonQ, Inc NYSE: IONQ is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.

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