IonQ, Inc. (NYSE:IONQ – Get Free Report) shares were down 9.6% on Friday . The company traded as low as $51.29 and last traded at $51.97. Approximately 26,985,849 shares traded hands during mid-day trading, an increase of 5% from the average daily volume of 25,648,104 shares. The stock had previously closed at $57.47.
Trending Headlines about IonQ
Here are the key news stories impacting IonQ this week:
- Negative Sentiment: Quantum-computing stocks including IonQ were hit hard Friday afternoon as the entire group fell, suggesting sector-wide risk-off sentiment is weighing on shares. Quantum Computing Stock Shock: IonQ, Rigetti, D-Wave, and Quantum Computing Inc. Fall 6% to 9%
- Negative Sentiment: Tech stocks are broadly falling today, adding extra pressure to IonQ as investors pull back from speculative growth names. Why IonQ Stock Is Plummeting Today
- Neutral Sentiment: Earlier coverage focused on IonQ’s strong Q1 results, including surging revenue, a growing backlog, and expanding enterprise adoption, which had supported bullish sentiment before today’s selloff. The Zacks Analyst Blog IonQ, D-Wave Quantum and Rigetti
- Neutral Sentiment: IonQ has also been highlighted as a leading quantum stock, but the shares remain highly sentiment-driven and volatile because the company is still not profitable. IonQ and 5 More Stocks to Play Quantum Fever
Analyst Upgrades and Downgrades
IONQ has been the subject of a number of research reports. Weiss Ratings upgraded shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday. Northland Securities initiated coverage on shares of IonQ in a report on Monday, April 20th. They issued an “outperform” rating and a $55.00 price objective for the company. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a report on Monday, May 4th. Needham & Company LLC dropped their price objective on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Ten 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.63.
IonQ Stock Performance
The firm’s fifty day simple moving average is $38.16 and its 200-day simple moving average is $43.43. The stock has a market cap of $19.05 billion, a P/E ratio of -185.61 and a beta of 3.05.
IonQ (NYSE:IONQ – Get Free Report) last released 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 negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million for 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 firm’s revenue for the quarter was up 754.7% compared to the same quarter last year. Analysts predict that IonQ, Inc. will post -1.95 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other IonQ news, insider Robert T. Cardillo sold 5,165 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the transaction, the insider owned 112,291 shares in the company, valued at approximately $4,428,757.04. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J. Teuber, Jr. purchased 3,000 shares of the stock in a transaction on Friday, February 27th. The shares were purchased at an average price of $38.38 per share, with a total value of $115,140.00. Following the acquisition, the director owned 9,413 shares in the company, valued at approximately $361,270.94. The trade was a 46.78% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders sold 12,354 shares of company stock worth $504,428. 5.20% of the stock is currently owned by insiders.
Institutional Trading of IonQ
Several hedge funds have recently modified their holdings of IONQ. Royal Bank of Canada increased its stake in shares of IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock valued at $2,962,000 after acquiring an additional 14,898 shares in the last quarter. Amundi bought a new stake in shares of IonQ in the 1st quarter valued at $630,000. AQR Capital Management LLC increased its stake in shares of IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock valued at $1,265,000 after acquiring an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 acquiring an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth increased its stake 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 acquiring an additional 10,881 shares in 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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