IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price traded down 8.1% on Tuesday . The stock traded as low as $55.91 and last traded at $56.1940. 21,680,374 shares changed hands during trading, a decline of 19% from the average session volume of 26,648,676 shares. The stock had previously closed at $61.18.
Key Stories Impacting IonQ
Here are the key news stories impacting IonQ this week:
- Positive Sentiment: Rosenblatt reiterated a Buy rating on IonQ with a $100 price target, reinforcing a bullish long-term view from one analyst. Rosenblatt Reaffirms Buy on IonQ, Inc. (IONQ) with 100 Price Target
- Positive Sentiment: Coverage highlighting IonQ as one of the more promising quantum-computing names kept investor attention on the stock and the broader industry watchlist. Promising Quantum Computing Stocks To Add to Your Watchlist – June 15th
- Positive Sentiment: Recent bullish sector momentum helped IonQ participate in a wider quantum-stock rally, as investors responded to risk-on trading and optimism around commercialization. D-Wave Leads Quantum Computing Stocks Higher as These Experts See More Gains Ahead
- Neutral Sentiment: IonQ was also included in commentary about rising interest in the stock, suggesting the name remains highly watched by traders but without a major new catalyst. Here is What to Know Beyond Why IonQ, Inc. (IONQ) is a Trending Stock
- Negative Sentiment: The main near-term pressure comes from the sector giving back gains, with multiple quantum stocks falling 5% to 7% as Monday’s rally unwinds. IonQ, Rigetti, D-Wave, and Quantum Computing Inc. All Fall 5% to 7% as the Quantum Rally Reverses
- Negative Sentiment: Commentary on “IonQ’s revenue shock” may be raising questions about sector fundamentals and valuation expectations, which could add volatility to the stock. What IonQ’s revenue shock means for the entire sector
Analysts Set New Price Targets
Several analysts recently weighed in on the company. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Jefferies Financial Group set a $85.00 price target on IonQ in a report on Thursday, May 7th. Needham & Company LLC dropped their price target on IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. JPMorgan Chase & Co. lifted their price objective on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and an average target price of $68.63.
IonQ Stock Performance
The stock has a market capitalization of $20.98 billion, a price-to-earnings ratio of -200.69 and a beta of 3.18. The company has a fifty day simple moving average of $50.85 and a two-hundred day simple moving average of $44.72.
IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The business had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. During the same quarter in the previous year, the business posted ($0.14) EPS. The company’s revenue for the quarter was up 754.7% on a year-over-year basis. As a group, equities analysts anticipate that IonQ, Inc. will post -2.26 earnings per share for the current year.
Insiders Place Their Bets
In related news, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the sale, the insider owned 139,967 shares in the company, valued at $6,984,353.30. The trade was a 2.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.55% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On IonQ
A number of hedge funds and other institutional investors have recently bought and sold shares of IONQ. Royal Bank of Canada grew its position in IonQ by 12.5% during the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after acquiring an additional 14,898 shares during the last quarter. Amundi bought a new stake in IonQ during the 1st quarter worth $630,000. AQR Capital Management LLC grew its position in IonQ by 106.2% during the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after acquiring an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after buying an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth grew its position in shares of IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $1,032,000 after buying an additional 10,881 shares during the last quarter. Institutional investors 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.
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