Thomas G. Kramer Sells 43,382 Shares of IonQ, Inc. (NYSE:IONQ) Stock

IonQ, Inc. (NYSE:IONQ - Get Free Report) CFO Thomas G. Kramer sold 43,382 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $47.73, for a total value of $2,070,622.86. Following the sale, the chief financial officer owned 603,134 shares of the company's stock, valued at $28,787,585.82. This represents a 6.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

IonQ Stock Down 8.9%

IonQ stock traded down $4.11 during mid-day trading on Friday, hitting $41.82. 23,072,101 shares of the company's stock traded hands, compared to its average volume of 19,890,948. The firm has a 50 day moving average price of $39.13 and a 200 day moving average price of $34.16. The company has a market cap of $10.94 billion, a PE ratio of -28.07 and a beta of 2.55. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74.

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

Institutional Trading of IonQ

Hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE raised its stake in shares of IonQ by 219.5% in the 4th quarter. US Bancorp DE now owns 5,112 shares of the company's stock worth $214,000 after buying an additional 3,512 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after buying an additional 501 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of IonQ by 1,096.0% in the 4th quarter. Jones Financial Companies Lllp now owns 5,322 shares of the company's stock worth $222,000 after buying an additional 4,877 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of IonQ by 368.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 9,373 shares of the company's stock worth $392,000 after buying an additional 7,373 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of IonQ by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock worth $68,740,000 after buying an additional 31,638 shares in the last quarter. Institutional investors own 41.42% of the company's stock.

Wall Street Analyst Weigh In

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

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.