IonQ (NYSE:IONQ) Stock Price Down 1.7% - Here's Why

Key Points

• IonQ shares fell 1.7% to about $43.04 in mid-day trading, with volume 34% below the average session level. The company has a $16.4 billion market capitalization and a high beta of 3.36.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $63.83. Ten analysts rate the stock Buy, four Hold, and one Sell.
• IonQ’s latest quarterly results exceeded expectations: revenue reached $80.05 million, up 286.7% year over year, while its adjusted loss of $0.33 per share was narrower than the $0.56 consensus estimate. Despite the growth, the company remains unprofitable, with a negative net margin of 553.27%.

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price was down 1.7% during mid-day trading on Monday. The company traded as low as $42.24 and last traded at $43.0390. 16,320,045 shares traded hands during trading, a decline of 34% from the average session volume of 24,641,629 shares. The stock had previously closed at $43.77.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of recent analyst reports. B. Riley Financial restated a "buy" rating on shares of IonQ in a report on Wednesday, September 9th. Jefferies Financial Group reissued a "buy" rating and issued a $80.00 price objective on shares of IonQ in a research report on Wednesday, September 9th. Mizuho lowered their price objective on shares of IonQ from $61.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 9th. Morgan Stanley set a $49.00 target price on shares of IonQ in a report on Thursday, August 6th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $70.00 target price on shares of IonQ in a research note on Wednesday, September 9th. Ten research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $63.83.

IonQ Trading Down 1.7%

The company has a 50 day moving average price of $40.74 and a 200-day moving average price of $44.44. The company has a market cap of $16.40 billion, a P/E ratio of -9.24 and a beta of 3.36.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.56) by $0.23. The company had revenue of $80.05 million during 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%.The firm's revenue was up 286.7% compared to the same quarter last year. During the same period last year, the company earned ($0.70) earnings per share. Equities analysts expect that IonQ, Inc. will post -2.11 earnings per share for the current year.

Insider Activity at IonQ

In related news, insider John Raymond sold 2,407 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider owned 77,741 shares in the company, valued at $2,892,742.61. The trade was a 3.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On IonQ

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. Versant Capital Management Inc grew its holdings in shares of IonQ by 30.9% during the third quarter. Versant Capital Management Inc now owns 1,952 shares of the company's stock worth $86,000 after buying an additional 461 shares in the last quarter. Cim Investment Management Inc. boosted its position in IonQ by 7.4% during the 2nd quarter. Cim Investment Management Inc. now owns 17,904 shares of the company's stock worth $954,000 after acquiring an additional 1,237 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of IonQ by 31.5% during the 2nd quarter. QRG Capital Management Inc. now owns 10,937 shares of the company's stock worth $583,000 after acquiring an additional 2,618 shares in the last quarter. Core Capital Management & Research inc. bought a new position in shares of IonQ during the 2nd quarter worth approximately $53,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of IonQ in the second quarter worth $394,000. 41.42% of the stock is owned by institutional investors.

About IonQ

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may eventually support applications in areas such as optimization, materials science, drug discovery, financial modeling and artificial intelligence.

The company offers access to its quantum processors through cloud platforms, including Amazon Web Services' Amazon Braket, Microsoft Azure Quantum and Google Cloud.

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