IonQ is trading around $48, down about 42% from its October peak of $85. The drop comes despite a solid Q3 report on Nov 5 where they beat revenue estimates ($39.9M vs $27M expected) and reported smaller losses than anticipated. Management raised full-year 2025 revenue guidance to $106-110M and hit their #AQ 64 technical milestone early. The main issue seems to be valuation, as it trades at over 100x 2025 sales estimates, and a broader rotation out of speculative quantum stocks like Rigetti and D-Wave. Analysts still have an average price target of $75.50.