IonQ, Inc. (NYSE:IONQ) CFO Sells $733,793.28 in Stock

Key Points

• IonQ, Inc. CFO Thomas G. Kramer sold 17,776 shares of the company's stock for a total of $733,793.28, representing a 3.20% decrease in his ownership.
• The company reported a quarterly revenue of $20.69 million, exceeding analyst estimates, but posted an earnings per share loss of ($0.70), missing the consensus estimate.
• IonQ's stock has been rated with a consensus of "Moderate Buy" by analysts, with a price target of $45.00 offered by several investment firms.

IonQ, Inc. (NYSE:IONQ - Get Free Report) CFO Thomas G. Kramer sold 17,776 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $41.28, for a total value of $733,793.28. Following the completion of the transaction, the chief financial officer directly owned 537,880 shares in the company, valued at approximately $22,203,686.40. The trade was a 3.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

IonQ Stock Up 3.5%

NYSE IONQ traded up $1.41 during trading hours on Friday, hitting $41.90. The company had a trading volume of 20,380,886 shares, compared to its average volume of 20,119,504. IonQ, Inc. has a fifty-two week low of $6.54 and a fifty-two week high of $54.74. The business has a fifty day simple moving average of $41.42 and a 200-day simple moving average of $34.35. The firm has a market cap of $10.96 billion, a P/E ratio of -20.85 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%. The company had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. During the same period in the prior year, the business earned ($0.18) earnings per share. IonQ's quarterly revenue was up 81.6% on a year-over-year basis. Equities analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Oppenheimer assumed coverage on IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating on the stock. Morgan Stanley upped their price target on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Cantor Fitzgerald assumed coverage on IonQ in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price target on the stock. DA Davidson lowered IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target on the stock. in a research report on Thursday. Finally, Sanford C. Bernstein assumed coverage on IonQ in a research report on Wednesday, July 30th. They set a "market perform" rating on the stock. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Kingsview Wealth Management LLC acquired a new position in shares of IonQ during the second quarter valued at $399,000. Avantax Advisory Services Inc. increased its holdings in shares of IonQ by 13.2% during the second quarter. Avantax Advisory Services Inc. now owns 64,909 shares of the company's stock valued at $2,789,000 after purchasing an additional 7,550 shares during the period. Intech Investment Management LLC increased its holdings in shares of IonQ by 15.0% during the second quarter. Intech Investment Management LLC now owns 143,661 shares of the company's stock valued at $6,173,000 after purchasing an additional 18,741 shares during the period. Cetera Investment Advisers increased its holdings in shares of IonQ by 38.1% during the second quarter. Cetera Investment Advisers now owns 50,304 shares of the company's stock valued at $2,162,000 after purchasing an additional 13,887 shares during the period. Finally, Thoroughbred Financial Services LLC acquired a new position in shares of IonQ during the second quarter valued at $1,259,000. 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.

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