IonQ (NYSE:IONQ) Stock Price Down 4.3% - What's Next?

Key Points

• IonQ shares fell 4.3% to approximately $41.42 on trading volume below the average session volume, with the stock’s 200-day moving average at $44.59.
• Analysts remain broadly optimistic: 10 rate IonQ a Buy, four a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $63.83.
• IonQ’s latest quarterly results exceeded expectations, with revenue of $80.05 million—up 286.7% year over year—and an EPS loss of $0.33 versus the projected $0.56 loss, although profitability metrics remained negative.

IonQ, Inc. (NYSE:IONQ - Get Free Report) dropped 4.3% on Wednesday. The stock traded as low as $40.76 and last traded at $41.4160. 18,742,868 shares were traded during trading, a decline of 24% from the average session volume of 24,549,986 shares. The stock had previously closed at $43.29.

Wall Street Analyst Weigh In

Several brokerages recently commented on IONQ. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $70.00 price objective on shares of IonQ in a report on Wednesday, September 9th. Northland Securities raised their target price on IonQ from $55.00 to $70.00 and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Bank of America began coverage on IonQ in a research note on Monday, September 28th. They set a "buy" rating and a $60.00 price target for the company. Benchmark reiterated a "buy" rating and issued a $60.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Finally, Morgan Stanley set a $49.00 price objective on shares of IonQ in a report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given 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 target price of $63.83.

IonQ Stock Down 4.3%

The stock has a market cap of $15.78 billion, a P/E ratio of -8.89 and a beta of 3.36. The firm has a 50 day moving average price of $41.08 and a 200 day moving average price of $44.59.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating 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% on a year-over-year basis. During the same period in the previous year, the company posted ($0.70) EPS. Equities analysts predict that IonQ, Inc. will post -2.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider John Raymond sold 2,407 shares of the company's stock in a transaction dated Thursday, September 10th. The stock was 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 of the company's stock, valued at $2,892,742.61. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently added to or reduced their stakes in IONQ. Archer Investment Corp purchased a new position in shares of IonQ in the second quarter worth $25,000. EFG International AG purchased a new stake in IonQ in the 2nd quarter worth $30,000. N.E.W. Advisory Services LLC purchased a new stake in IonQ in the 2nd quarter worth $42,000. EverSource Wealth Advisors LLC boosted its holdings in shares of IonQ by 216.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company's stock valued at $28,000 after purchasing an additional 656 shares during the last quarter. Finally, PeakShares LLC purchased a new position in shares of IonQ during the first quarter valued at about $29,000. 41.42% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.