IonQ, Inc. (NYSE:IONQ) Director Sells $404,532.76 in Stock

IonQ, Inc. (NYSE:IONQ - Get Free Report) Director Robert T. Cardillo sold 10,058 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $40.22, for a total transaction of $404,532.76. Following the completion of the transaction, the director now owns 31,923 shares in the company, valued at approximately $1,283,943.06. The trade was a 23.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

IonQ Stock Performance

IonQ stock traded down $0.92 during midday trading on Friday, hitting $37.79. 19,334,687 shares of the company's stock were exchanged, compared to its average volume of 18,650,839. The company has a market cap of $8.42 billion, a PE ratio of -46.65 and a beta of 2.59. The firm has a 50-day moving average of $33.19 and a two-hundred day moving average of $33.37. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.14. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $7.57 million during the quarter, compared to analysts' expectations of $7.51 million. The company's revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.19) EPS. As a group, equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price target on shares of IonQ in a research note on Wednesday. Benchmark boosted their price target on IonQ from $40.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday. Finally, DA Davidson dropped their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $40.00.

Institutional Trading of IonQ

A number of hedge funds have recently bought and sold shares of IONQ. JPMorgan Chase & Co. increased its holdings in shares of IonQ by 1,310.9% in the 4th 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. Chevy Chase Trust Holdings LLC bought a new stake in IonQ during the fourth quarter valued at about $32,060,000. Ameriprise Financial Inc. purchased a new position in IonQ in the fourth quarter valued at about $29,519,000. Arrowstreet Capital Limited Partnership purchased a new position in IonQ in the fourth quarter valued at about $29,513,000. Finally, Invesco Ltd. raised its holdings in IonQ by 439.3% in the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company's stock worth $35,800,000 after purchasing an additional 698,146 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

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.

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