IonQ (NYSE:IONQ) Trading Down 2.7% on Insider Selling

IonQ, Inc. (NYSE:IONQ)’s stock price dropped 2.7% on Tuesday following insider selling activity. The company traded as low as $10.52 and last traded at $10.55. Approximately 5,536,690 shares were traded during trading, a decline of 7% from the average daily volume of 5,968,193 shares. The stock had previously closed at $10.84.

Specifically, CRO Rima Alameddine sold 9,159 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the transaction, the executive now owns 648,783 shares in the company, valued at $6,954,953.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Craig Hallum reduced their target price on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group reduced their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Benchmark reduced their target price on IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, 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. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Up 1.4 %

The firm has a 50 day moving average of $8.06 and a two-hundred day moving average of $8.06. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of -14.73 and a beta of 2.05.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. The business had revenue of $11.38 million for 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%. IonQ’s revenue was up 106.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.16) earnings per share. Sell-side analysts forecast that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Institutional Trading of IonQ

Several large investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. boosted its stake in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of IonQ by 3.6% during the second quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after purchasing an additional 1,731 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of IonQ by 10.5% during the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after purchasing an additional 2,805 shares in the last quarter. Quest Partners LLC boosted its stake in shares of IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of IonQ by 40.6% during the second quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock valued at $188,000 after purchasing an additional 7,744 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

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.