IonQ (NYSE:IONQ) Shares Gap Down – What’s Next?

IonQ, Inc. (NYSE:IONQ)’s share price gapped down prior to trading on Monday . The stock had previously closed at $29.14, but opened at $28.15. IonQ shares last traded at $23.81, with a volume of 12,311,559 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Craig Hallum lifted their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group cut their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Up 10.5 %

The company’s fifty day simple moving average is $13.79 and its 200 day simple moving average is $9.87. The firm has a market capitalization of $6.03 billion, a P/E ratio of -34.42 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the previous year, the firm earned ($0.22) earnings per share. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. On average, analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 66,000 shares of company stock worth $972,331. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC raised its stake in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the last quarter. nVerses Capital LLC acquired a new stake in IonQ during the 3rd quarter worth about $72,000. Redwood Wealth Management Group LLC purchased a new stake in IonQ during the 2nd quarter valued at about $67,000. Impact Partnership Wealth LLC acquired a new position in shares of IonQ in the third quarter valued at about $89,000. Finally, Arete Wealth Advisors LLC purchased a new position in shares of IonQ in the third quarter worth about $91,000. 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.