IonQ Inc. (NYSE:IONQ) shares are trading lower Monday, pulling back after rallying in recent weeks. Here's what you need to know.
What To Know: IonQ shares are up more than 60% since the start of the month, and have more than doubled since the start of the year. The stock opened lower Monday and quickly traded down from around $28.50 to around $22.30 before bouncing and leveling off between $24 and $25 per share.
IonQ shares really took off after the company reported quarterly financials near the start of November. IonQ reported third-quarter revenue of $12.4 million, beating analyst expectations of $10.56 million. The company posted a loss of 24 cents per share, versus an expected loss of 21 cents per share, according to Benzinga Pro.
The company's quarterly report was accompanied by a series of partnerships and contract announcements, including a $54.5 million contract with the U.S. Air Force Research Lab and the creation of a new quantum application development center in collaboration with AstraZeneca.
Following the report, several analysts raised price targets on IonQ, which helped shares sustain positive momentum throughout the week. The company also announced that it was issued five new U.S. patents, covering advancements in quantum computing across multiple industries and applications.
IonQ shares briefly saw some buyers come into the name in afternoon trading on Monday after the company demonstrated a hybrid quantum computing workflow using the NVIDIA Inc. (NASDAQ:NVDA) CUDA-Q platform and its quantum hardware.
IonQ and Nvidia presented the application workflow together at SC24. The companies believe the new approaches have potential relevance in many chemistry-focused commercial applications.
"IonQ is building on its approach of accelerating AI, scientific compute, and other supercomputing workloads with quantum hardware – enabling entirely new ways to approach previously unsolvable problems," said Dean Kassmann, SVP of Engineering & Technology at IonQ.
"Today's molecular modeling demonstration illustrates why CUDA-Q is a great platform for achieving seamless integration and top-tier performance with our leading quantum hardware."
IonQ Price Action: IonQ shares were down 15.4% at $24.66 at the time of writing, according to Benzinga Pro.
