IonQ (NYSE:IONQ) Trading Down 7.8%

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

Analyst Upgrades and Downgrades

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

IonQ Trading Down 6.5 %

The business’s fifty day moving average is $7.52 and its 200 day moving average is $8.02. The company has a market cap of $1.73 billion, a P/E ratio of -9.94 and a beta of 2.04.

IonQ (NYSE:IONQ) last issued its 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. The firm 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%. The business’s revenue was up 106.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) earnings per share. As a group, research analysts expect that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Granite Bay Wealth Management LLC purchased a new stake in shares of IonQ in the second quarter worth about $221,000. Algert Global LLC bought a new position in IonQ in the 2nd quarter valued at $126,000. The Manufacturers Life Insurance Company boosted its holdings in IonQ by 16.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company’s stock valued at $814,000 after purchasing an additional 16,642 shares during the period. Xponance Inc. purchased a new position in shares of IonQ during the 2nd quarter valued at $88,000. Finally, Redwood Wealth Management Group LLC bought a new position in shares of IonQ in the second quarter worth $67,000. 41.42% of the stock is owned by institutional investors.

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.