IonQ (NYSE:IONQ) Shares Down 7% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) fell 7% during mid-day trading on Monday . The company traded as low as $34.63 and last traded at $35.32. 11,449,084 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 9,582,017 shares. The stock had previously closed at $37.97.

Analyst Ratings Changes

A number of analysts have commented on IONQ shares. Needham & Company LLC lifted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum increased their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Down 3.7 %

The company has a market cap of $7.13 billion, a price-to-earnings ratio of -40.70 and a beta of 2.47. The firm’s fifty day moving average price is $21.29 and its 200-day moving average price is $12.43.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same quarter in the prior year, the firm posted ($0.22) earnings per share. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. As a group, research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the sale, the executive now directly owns 648,783 shares in the company, valued at $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 66,000 shares of company stock valued at $972,331 over the last quarter. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently bought and sold shares of IONQ. Charles Schwab Investment Management Inc. lifted its position in IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after buying an additional 135,851 shares in the last quarter. Carnegie Investment Counsel acquired a new stake in shares of IonQ in the third quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd bought a new stake in IonQ during the third quarter worth about $3,749,000. Rockefeller Capital Management L.P. boosted its position in IonQ by 34.2% during the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after purchasing an additional 111,435 shares during the last quarter. Finally, Prospera Financial Services Inc grew its stake in IonQ by 196.1% in the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock valued at $337,000 after purchasing an additional 25,502 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

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.