IonQ (NYSE:IONQ) Trading Down 2.1%

IonQ, Inc. (NYSE:IONQ) shares traded down 2.1% on Wednesday . The company traded as low as $7.92 and last traded at $7.95. 537,341 shares were traded during trading, a decline of 90% from the average session volume of 5,460,475 shares. The stock had previously closed at $8.12.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. 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 report on Thursday, August 8th. Benchmark dropped 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. Finally, The Goldman Sachs Group dropped their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

IonQ Price Performance

The business’s 50 day moving average is $7.52 and its 200-day moving average is $8.12. The company has a market cap of $1.63 billion, a PE ratio of -9.30 and a beta of 2.04.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm earned ($0.16) earnings per share. The firm’s quarterly revenue was up 106.4% on a year-over-year basis. As a group, sell-side analysts predict that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Institutional Trading of IonQ

Several institutional investors have recently modified their holdings of IONQ. Precision Wealth Strategies LLC lifted its position in shares of IonQ by 38.6% during the 4th quarter. Precision Wealth Strategies LLC now owns 14,048 shares of the company’s stock worth $174,000 after buying an additional 3,909 shares during the last quarter. Victory Capital Management Inc. raised its position in IonQ by 29.2% in the 4th quarter. Victory Capital Management Inc. now owns 48,083 shares of the company’s stock valued at $596,000 after purchasing an additional 10,855 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in IonQ by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,321,275 shares of the company’s stock valued at $16,371,000 after purchasing an additional 29,577 shares during the last quarter. Norges Bank purchased a new stake in IonQ in the 4th quarter valued at $26,430,000. Finally, Quest Partners LLC purchased a new stake in IonQ in the 4th quarter valued at $218,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

About IonQ

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.