IonQ (NYSE:IONQ) Stock Price Down 0.6% – Here’s What Happened

IonQ, Inc. (NYSE:IONQ) was down 0.6% during trading on Thursday . The stock traded as low as $11.62 and last traded at $12.23. Approximately 6,634,586 shares traded hands during trading, an increase of 9% from the average daily volume of 6,060,747 shares. The stock had previously closed at $12.30.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IONQ shares. The Goldman Sachs Group dropped their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Benchmark dropped their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Craig Hallum reduced their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of IonQ in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

IonQ Stock Up 6.4 %

The business’s 50-day simple moving average is $8.29 and its two-hundred day simple moving average is $8.11. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -16.02 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. During the same quarter last year, the firm earned ($0.16) EPS. The firm’s revenue for the quarter was up 106.4% on a year-over-year basis. Sell-side analysts anticipate that IonQ, Inc. will post -0.84 earnings per share for the current year.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 31,125 shares of company stock worth $377,660 in the last three months. 11.60% of the stock is owned by company insiders.

Institutional Trading of IonQ

A number of large investors have recently modified their holdings of IONQ. Quest Partners LLC grew its stake in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ during the second quarter worth about $67,000. nVerses Capital LLC purchased a new stake in shares of IonQ during the third quarter worth approximately $72,000. Mosley Wealth Management acquired a new stake in IonQ in the second quarter valued at approximately $81,000. Finally, Xponance Inc. purchased a new position in IonQ in the second quarter worth approximately $88,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

About IonQ

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.