IonQ (NYSE:IONQ) Reaches New 1-Year Low – Time to Sell?

IonQ, Inc. (NYSE:IONQ) reached a new 52-week low during trading on Thursday. The stock traded as low as $25.81 and last traded at $25.9030, with a volume of 8,611,496 shares trading hands. The stock had previously closed at $29.54.

Trending Headlines about IonQ

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: IonQ is expanding customer access through a QuantumCT partnership, which will purchase more than 150 hours of cloud access to IonQ quantum computers for Connecticut-based organizations. IonQ lands QuantumCT contract
• Positive Sentiment: The company received a $7.5 million Air Force funding installment for quantum networking work under an existing agreement, supporting its government-business opportunity, though it is not a new contract. IonQ Air Force funding
• Neutral Sentiment: IonQ completed its all-stock acquisition of Elisity, adding Zero Trust security capabilities alongside its post-quantum cryptography and quantum key distribution offerings. The deal broadens its security strategy, while integration and stock issuance remain considerations for investors. IonQ completes Elisity acquisition
• Negative Sentiment: Quantum shares, including IonQ, fell amid renewed risk aversion in technology stocks following a chip-sector selloff, with the decline not tied to company-specific news. Quantum stocks slide
• Negative Sentiment: B. Riley lowered its price target, adding to investor caution about whether IonQ can translate rapid growth and recent deals into revenue and improved profitability. Q3 results are due later today, keeping attention on growth, losses, and guidance. B. Riley target and revenue focus

Wall Street Analyst Weigh In

IONQ has been the subject of several research reports. Wedbush reaffirmed an “outperform” rating and set a $75.00 price target on shares of IonQ in a research note on Tuesday, October 13th. Mizuho cut their price objective on IonQ from $61.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, September 9th. Morgan Stanley decreased their target price on shares of IonQ from $49.00 to $43.00 and set an “equal weight” rating for the company in a research note on Thursday, October 15th. Cantor Fitzgerald restated an “overweight” rating and set a $70.00 target price on shares of IonQ in a report on Wednesday, September 9th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $80.00 price target on shares of IonQ in a research report on Wednesday, September 9th. Ten investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.23.

IonQ Stock Performance

The firm has a market cap of $11.42 billion, a P/E ratio of -5.65 and a beta of 3.32. The firm’s fifty day moving average is $37.39 and its 200 day moving average is $41.79.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.23. The firm had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The business’s revenue was up 286.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.70) EPS. As a group, equities research analysts forecast that IonQ, Inc. will post -2.96 EPS for the current year.

Insider Activity

In other news, insider John Raymond sold 2,407 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $37.21, for a total value of $89,564.47. Following the transaction, the insider owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of IonQ

Several hedge funds have recently added to or reduced their stakes in IONQ. BlackRock Inc. acquired a new position in IonQ in the 2nd quarter valued at $1,112,945,000. Bank of America Corp DE acquired a new stake in shares of IonQ during the second quarter worth $344,757,000. Bank of New York Mellon Corp acquired a new stake in shares of IonQ during the second quarter worth $113,863,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of IonQ by 45.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,632,290 shares of the company’s stock valued at $86,936,000 after acquiring an additional 506,191 shares during the period. Finally, Legal & General Group Plc bought a new stake in shares of IonQ in the second quarter valued at about $82,126,000. 41.42% of the stock is owned by institutional investors and hedge funds.

About IonQ

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.