Shares of IonQ (IONQ -4.62%) It was down 21.2 percent for the week through Thursday’s close, according to data from S&P Global Market Intelligence, driven by a combination of broader market weakness and concerns about the departure of a key executive.
On the former, it certainly didn’t help that the broader markets fell in recent days. particle for direct object S&P 500 index And Nasdaq Composite Each has retreated more than 3% this week as of this writing, acting as a headwind for value growth stocks like IonQ.
Why is the founder of IonQ leaving?
However, IonQ’s decline accelerated this week on Tuesday when the quantum computing leader announced the departure of company co-founder and chief scientific officer Dr. Chris Munro. As Dr. Munroe Presidential Distinguished Professor of Physics and Electrical Computer Engineering at Duke University, the Gilhooly family returns to its earlier academic, research and policy activities.
“Under his leadership and support, IonQ received exclusive ion trap intellectual property licenses from the University of Maryland and Duke University – two leading research universities pushing the frontiers of quantum computing,” added IonQ CEO Peter Chapman. Chris has also helped guide the company to build scalable quantum computers that will provide a commercial advantage.
Is IonQ stock a buy now?
“While it’s not unusual to see the market lament the loss of a key player in IonQ’s quantum computing efforts, the company should do just fine in his absence.” He added: “It has been a privilege to work alongside so many exceptionally talented engineers and scientists.” “Dr. Munro, we have presented several leading-edge quantum technologies that have resulted in a clear roadmap that will provide commercial advantage in the future.”
In fact, IonQ just announced a new $25.5 million Quantum contract with the US Air Force Research Laboratory last month. Earlier this week, the company also revealed that it will now offer 24/7 access to its cloud-enabled quantum systems, IonQ Harmony and IonQ Aria, upon customer demand.
IonQ is scheduled to report its third quarter 2023 results in approximately two weeks on November 8, 2023. If it can continue to translate its quantum industry leadership. measurable Better financial performance, I think this week’s pullback could be a compelling buying opportunity for patient, long-term investors.
Steve Symington has no position in any of the listed stocks. The Motley Fool has no positions in any of the stocks listed. The Motley Fool has a disclosure policy.
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