IonQ (NYSE:IONQ) CEO Sells $715,728.00 in Stock

Key Points

• IonQ CEO Masi Niccolo De sold 16,120 shares of the company's stock for a total of $715,728, reducing his ownership by 1.35% to 1,181,186 shares.
• Following the sale, IonQ stock increased by 18.4% to $55.72, significantly above its 1-year low of $7.40.
• IonQ reported a 81.6% increase in revenue year-over-year, but posted a loss of ($0.70) EPS for the last quarter, missing analysts' expectations.

IonQ, Inc. (NYSE:IONQ - Get Free Report) CEO Masi Niccolo De sold 16,120 shares of the business's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $715,728.00. Following the transaction, the chief executive officer owned 1,181,186 shares of the company's stock, valued at $52,444,658.40. This trade represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

IonQ Stock Up 18.4%

IONQ stock traded up $8.67 during trading on Friday, reaching $55.72. 68,647,417 shares of the company's stock were exchanged, compared to its average volume of 13,139,874. IonQ, Inc. has a 1-year low of $7.40 and a 1-year high of $56.07. The company's fifty day moving average price is $42.33 and its 200-day moving average price is $35.02. The firm has a market cap of $16.54 billion, a PE ratio of -27.72 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. During the same quarter last year, the firm posted ($0.18) EPS. The company's revenue was up 81.6% compared to the same quarter last year. As a group, sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IonQ

Several hedge funds have recently modified their holdings of IONQ. Archer Investment Corp lifted its holdings in shares of IonQ by 119.3% during the second quarter. Archer Investment Corp now owns 592 shares of the company's stock valued at $25,000 after purchasing an additional 322 shares during the last quarter. ORG Partners LLC lifted its holdings in shares of IonQ by 348.0% during the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares during the last quarter. Future Financial Wealth Managment LLC lifted its holdings in shares of IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after purchasing an additional 1,295 shares during the last quarter. Finally, Close Asset Management Ltd purchased a new stake in shares of IonQ during the first quarter valued at $35,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IONQ. Benchmark boosted their price target on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Wolfe Research assumed coverage on IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating for the company. B. Riley began coverage on IonQ in a research note on Wednesday, August 27th. They set a "buy" rating and a $61.00 target price for the company. Cantor Fitzgerald began coverage on shares of IonQ in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price target for the company. Finally, Needham & Company LLC restated a "buy" rating on shares of IonQ in a research report on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $46.78.

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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