IonQ (NYSE:IONQ) Trading Down 1% Following Insider Selling

IonQ, Inc. (NYSE:IONQ) was down 1% during mid-day trading on Friday following insider selling activity. The stock traded as low as $7.56 and last traded at $7.63. Approximately 1,088,164 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 5,915,151 shares. The stock had previously closed at $7.71.

Specifically, CRO Rima Alameddine sold 9,807 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $77,377.23. Following the completion of the transaction, the executive now owns 687,840 shares of the company’s stock, valued at approximately $5,427,057.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CRO Rima Alameddine sold 9,807 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $77,377.23. Following the completion of the transaction, the executive now owns 687,840 shares of the company’s stock, valued at approximately $5,427,057.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 4,610 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total value of $36,372.90. Following the transaction, the chief financial officer now directly owns 949,614 shares in the company, valued at approximately $7,492,454.46. The disclosure for this sale can be found here. Insiders sold 20,353 shares of company stock valued at $160,585 in the last 90 days. Insiders own 11.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on IONQ shares. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of IonQ in a research report on Thursday, May 16th. The Goldman Sachs Group cut their price target on IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, IonQ has an average rating of “Moderate Buy” and an average target price of $16.50.

IonQ Stock Down 0.1 %

The company has a market cap of $1.63 billion, a PE ratio of -9.28 and a beta of 2.11. The firm has a 50 day simple moving average of $8.29 and a 200-day simple moving average of $10.26.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative return on equity of 31.76% and a negative net margin of 671.00%. The business had revenue of $7.58 million for the quarter, compared to analyst estimates of $7.08 million. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. The company’s revenue was up 76.9% on a year-over-year basis. As a group, equities analysts anticipate that IonQ, Inc. will post -0.89 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC grew its holdings in IonQ by 28.0% in the 4th quarter. FNY Investment Advisers LLC now owns 4,532 shares of the company’s stock valued at $56,000 after buying an additional 990 shares in the last quarter. C M Bidwell & Associates Ltd. lifted its stake in IonQ by 61.2% during the 3rd quarter. C M Bidwell & Associates Ltd. now owns 4,542 shares of the company’s stock worth $68,000 after acquiring an additional 1,724 shares in the last quarter. National Bank of Canada FI lifted its stake in IonQ by 26.1% during the 4th quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock worth $97,000 after acquiring an additional 1,655 shares in the last quarter. QCM Cayman Ltd. acquired a new position in IonQ during the 1st quarter worth about $120,000. Finally, Prospect Financial Services LLC acquired a new position in IonQ during the 4th quarter worth about $124,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.