Insider Selling: IonQ, Inc. (NYSE:IONQ) Director Sells 5,000 Shares of Stock

IonQ, Inc. (NYSE:IONQ - Get Free Report) Director Kathryn K. Chou sold 5,000 shares of the company's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $46.18, for a total transaction of $230,900.00. Following the transaction, the director owned 67,628 shares of the company's stock, valued at $3,123,061.04. This represents a 6.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

IonQ Stock Performance

NYSE IONQ traded down $0.11 on Tuesday, reaching $45.09. The company's stock had a trading volume of 25,629,265 shares, compared to its average volume of 19,743,438. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $54.74. The firm's 50 day moving average is $38.40 and its two-hundred day moving average is $34.05. The stock has a market cap of $11.80 billion, a PE ratio of -30.26 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The business's quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.19) earnings per share. Equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Analyst Ratings Changes

IONQ has been the subject of a number of analyst reports. Benchmark upped their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday. Needham & Company LLC reiterated a "buy" rating and set a $50.00 price objective on shares of IonQ in a research report on Wednesday, June 11th. Morgan Stanley increased their price objective on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. DA Davidson lowered their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Cantor Fitzgerald began coverage on IonQ in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price target for the company. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $41.43.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after acquiring an additional 2,293,231 shares during the period. Sei Investments Co. purchased a new position in IonQ during the 4th quarter worth approximately $1,255,000. Cetera Investment Advisers grew its position in IonQ by 120.0% during the 4th quarter. Cetera Investment Advisers now owns 34,033 shares of the company's stock worth $1,422,000 after purchasing an additional 18,566 shares in the last quarter. Wells Fargo & Company MN raised its stake in IonQ by 43.4% during the 4th quarter. Wells Fargo & Company MN now owns 255,061 shares of the company's stock valued at $10,654,000 after purchasing an additional 77,151 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of IonQ by 219.5% in the fourth quarter. US Bancorp DE now owns 5,112 shares of the company's stock valued at $214,000 after purchasing an additional 3,512 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other 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.