IonQ (NYSE:IONQ) Shares Down 8.7% on Insider Selling

IonQ, Inc. (NYSE:IONQ) shares were down 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 were traded during 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 the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were 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 owns 592,658 shares of the company’s stock, 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 SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $15.72, for a total transaction of $188,640.00. Following the sale, the executive now directly owns 615,533 shares in the company, valued at approximately $9,676,178.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

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

IonQ Stock Performance

The company’s 50-day moving average price is $9.85 and its 200-day moving average price is $8.57. The firm has a market capitalization of $3.22 billion, a PE ratio of -19.04 and a beta of 2.05.

IonQ (NYSE:IONQ) last announced its quarterly earnings results 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 company had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. IonQ’s revenue for the quarter was up 106.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.16) EPS. As a group, analysts anticipate that IonQ, Inc. will post -0.84 earnings per share for the current year.

Hedge Funds Weigh In On IonQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Carnegie Investment Counsel acquired a new stake in IonQ during the third quarter worth approximately $5,036,000. Bleakley Financial Group LLC purchased a new stake in IonQ in the third quarter valued at $152,000. Oppenheimer & Co. Inc. lifted its position in IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after acquiring an additional 1,400 shares during the last quarter. Gamco Investors INC. ET AL acquired a new position in IonQ in the first quarter valued at $185,000. Finally, Swiss National Bank grew its holdings in shares of IonQ by 14.8% during the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after purchasing an additional 44,200 shares during the last quarter. 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.