IonQ (NYSE:IONQ) Trading Down 6%

Shares of IonQ, Inc. (NYSE:IONQ) dropped 6% on Wednesday . The stock traded as low as $7.62 and last traded at $7.63. Approximately 3,423,886 shares traded hands 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 Upgrades and Downgrades

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

IonQ Stock Performance

The firm has a fifty day moving average of $7.46 and a 200 day moving average of $8.05. The firm has a market capitalization of $2.08 billion, a PE ratio of -11.12 and a beta of 2.04.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm’s quarterly revenue was up 106.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.16) EPS. Research analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IonQ

Institutional investors and hedge funds have recently made changes to their positions in the company. Quest Partners LLC boosted its holdings 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 valued at $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in IonQ during the 2nd quarter valued at $67,000. Mosley Wealth Management acquired a new position in shares of IonQ during the 2nd quarter valued at $81,000. Xponance Inc. bought a new stake in shares of IonQ in the 2nd quarter worth $88,000. Finally, DNB Asset Management AS acquired a new stake in shares of IonQ in the second quarter valued at $117,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.