Shares of IonQ, Inc. (NYSE:IONQ – Get Free Report) were down 8.4% on Monday . The company traded as low as $40.96 and last traded at $41.0760. Approximately 16,722,724 shares changed hands during trading, a decline of 33% from the average session volume of 25,023,014 shares. The stock had previously closed at $44.86.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on IONQ. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 target price on shares of IonQ in a research note on Thursday, August 6th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, August 6th. Jefferies Financial Group set a $75.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price on shares of IonQ in a research report on Thursday, August 6th. Finally, Wall Street Zen lowered IonQ from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.
Check Out Our Latest Report on IonQ
IonQ Trading Down 8.4%
IonQ (NYSE:IONQ – Get Free Report) last posted 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. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. During the same period last year, the company earned ($0.70) earnings per share. The firm’s revenue was up 286.7% compared to the same quarter last year. On average, research analysts anticipate that IonQ, Inc. will post -2.86 earnings per share for the current year.
Insider Buying and Selling
In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the sale, the insider directly owned 80,148 shares of the company’s stock, valued at $4,408,941.48. This represents a 4.54% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 9,329 shares of company stock valued at $513,216. 0.55% of the stock is owned by insiders.
Hedge Funds Weigh In On IonQ
Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Archer Investment Corp bought a new position in shares of IonQ in the 2nd quarter valued at $25,000. Accent Capital Management LLC increased its holdings in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after purchasing an additional 371 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in IonQ by 216.5% in the first 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. PeakShares LLC bought a new position in IonQ in the first quarter valued at about $29,000. Finally, EFG International AG acquired a new stake in shares of IonQ during the second quarter valued at about $30,000. 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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