IonQ (NYSE:IONQ) Stock Price Down 8.7% Following Insider Selling

IonQ, Inc. (NYSE:IONQ) dropped 8.7% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $14.76 and last traded at $15.40. Approximately 10,293,733 shares traded hands during mid-day trading, an increase of 47% from the average daily volume of 6,983,056 shares. The stock had previously closed at $16.87.

Specifically, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now directly owns 592,658 shares in the company, valued at approximately $10,519,679.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 12,000 shares of IonQ stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $15.72, for a total value of $188,640.00. Following the completion of the transaction, the executive now owns 615,533 shares of the company’s stock, valued at approximately $9,676,178.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IONQ shares. Needham & Company LLC reissued a “buy” rating and set a $13.00 target price on shares of IonQ in a report on Wednesday, October 2nd. Benchmark dropped their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. The Goldman Sachs Group decreased their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, Craig Hallum lowered their target price on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th.

IonQ Trading Down 10.6 %

The stock has a market capitalization of $3.23 billion, a P/E ratio of -19.49 and a beta of 2.05. The company’s 50-day moving average is $9.70 and its two-hundred day moving average is $8.52.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million during the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The business’s revenue for the quarter was up 106.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.16) EPS. Sell-side analysts expect that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC raised its holdings in IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ during the 2nd quarter valued at $67,000. nVerses Capital LLC bought a new stake in shares of IonQ in the 3rd quarter worth $72,000. Mosley Wealth Management acquired a new stake in shares of IonQ in the second quarter valued at $81,000. Finally, Xponance Inc. bought a new position in IonQ during the second quarter valued at about $88,000. 41.42% of the stock is currently owned by institutional investors.

About IonQ

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.