IonQ (NYSE:IONQ) Shares Down 7.8% – Here’s Why

IonQ, Inc. (NYSE:IONQ) dropped 7.8% on Tuesday . The stock traded as low as $8.04 and last traded at $8.06. Approximately 9,222,400 shares were traded during mid-day trading, an increase of 60% from the average daily volume of 5,780,878 shares. The stock had previously closed at $8.74.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price target on shares of IonQ in a report on Wednesday. The Goldman Sachs Group cut their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Benchmark decreased their target price on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Craig Hallum reduced their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Performance

The firm has a market capitalization of $1.95 billion, a PE ratio of -11.10 and a beta of 2.04. The firm’s 50 day moving average price is $7.55 and its 200-day moving average price is $8.02.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.04. The company had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. IonQ’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same period last year, the company earned ($0.16) earnings per share. On average, equities research analysts expect that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC boosted its stake in shares of 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 during the last quarter. Redwood Wealth Management Group LLC purchased a new position in IonQ in the 2nd quarter valued at $67,000. Mosley Wealth Management acquired a new stake in IonQ during the 2nd quarter worth $81,000. Xponance Inc. purchased a new stake in shares of IonQ during the second quarter worth $88,000. Finally, DNB Asset Management AS acquired a new stake in shares of IonQ in the second quarter valued at about $117,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.