IonQ (NYSE:IONQ) Trading Down 6%

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 6% during mid-day trading on Wednesday . The company traded as low as $7.62 and last traded at $7.63. Approximately 3,423,886 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 5,469,865 shares. The stock had previously closed at $8.12.

Analyst Ratings Changes

IONQ has been the subject of a number of research analyst reports. Craig Hallum dropped their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. The Goldman Sachs Group dropped their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, Benchmark decreased their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.00.

IonQ Price Performance

The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -9.20 and a beta of 2.04. The business’s fifty day simple moving average is $7.48 and its 200 day simple moving average is $8.05.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) 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 company had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The company’s revenue for the quarter was up 106.4% compared to the same quarter last year. As a group, equities analysts forecast that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Oppenheimer & Co. Inc. lifted its holdings in IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after purchasing an additional 1,400 shares during the period. Arizona State Retirement System lifted its holdings in IonQ by 3.6% in the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after purchasing an additional 1,731 shares during the period. ProShare Advisors LLC lifted its holdings in IonQ by 10.5% in the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock worth $294,000 after purchasing an additional 2,805 shares during the period. Precision Wealth Strategies LLC lifted its holdings in IonQ by 38.6% in the fourth quarter. Precision Wealth Strategies LLC now owns 14,048 shares of the company’s stock worth $174,000 after purchasing an additional 3,909 shares during the period. Finally, Quest Partners LLC raised its position in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 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.