IonQ, Inc. (NYSE:IONQ – Get Free Report) dropped 2.1% during trading on Wednesday . The stock traded as low as $7.92 and last traded at $7.95. Approximately 537,341 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 5,460,475 shares. The stock had previously closed at $8.12.
Analysts Set New Price Targets
IONQ has been the topic of a number of recent research reports. Craig Hallum lowered their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group lowered their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Benchmark cut their price target 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and an average price target of $13.00.
IonQ Trading Down 3.6 %
The business has a 50 day moving average of $7.54 and a two-hundred day moving average of $8.13. The firm has a market cap of $1.66 billion, a P/E ratio of -9.78 and a beta of 2.04.
IonQ (NYSE:IONQ – Get Free Report) last posted its 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 analysts’ expectations of $8.66 million. During the same quarter last year, the company posted ($0.16) EPS. IonQ’s quarterly revenue was up 106.4% compared to the same quarter last year. On average, sell-side analysts predict that IonQ, Inc. will post -0.84 EPS for the current year.
Institutional Investors Weigh In On IonQ
Hedge funds and other institutional investors have recently modified their holdings of the company. Quest Partners LLC increased its holdings in IonQ by 4,824.2% in the 2nd 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 period. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ during the second quarter worth $67,000. Prospect Financial Services LLC acquired a new position in shares of IonQ during the fourth quarter worth $124,000. Keystone Financial Group bought a new position in shares of IonQ in the 4th quarter valued at $136,000. Finally, Mosley Wealth Management acquired a new stake in shares of IonQ during the 2nd quarter valued at $81,000. Institutional investors and hedge funds 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.