IonQ (NYSE:IONQ) CFO Sells $2,700,651.96 in Stock

Key Points

• IonQ CFO Thomas Kramer sold 64,578 shares of the company's stock for approximately $2.7 million, reducing his ownership by 12.01%.
• The company reported a loss of $0.70 per share in its latest earnings, missing analysts' expectations, but its revenue increased by 81.6% year-over-year, reaching $20.69 million.
• Research analysts have a consensus rating of "Moderate Buy" for IonQ, with a price target averaging around $46.78, indicating optimism about the company's future performance.

IonQ, Inc. (NYSE:IONQ - Get Free Report) CFO Thomas Kramer sold 64,578 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total value of $2,700,651.96. Following the completion of the sale, the chief financial officer owned 473,302 shares of the company's stock, valued at approximately $19,793,489.64. This trade represents a 12.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

IonQ Stock Down 0.8%

IONQ stock traded down $0.33 during mid-day trading on Friday, reaching $41.78. 11,463,646 shares of the stock traded hands, compared to its average volume of 15,063,973. IonQ, Inc. has a 52 week low of $6.54 and a 52 week high of $54.74. The business has a 50-day moving average of $42.02 and a two-hundred day moving average of $34.53. The firm has a market capitalization of $12.40 billion, a PE ratio of -20.79 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last released 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). The firm had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The firm's revenue was up 81.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.18) earnings per share. On average, equities research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on IONQ shares. Benchmark upped their price objective on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Rosenblatt Securities began coverage on shares of IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price objective for the company. B. Riley began coverage on shares of IonQ in a research note on Wednesday, August 27th. They set a "buy" rating and a $61.00 price target on the stock. Wolfe Research started coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating on the stock. Finally, Cantor Fitzgerald started coverage on shares of IonQ in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and a consensus price target of $46.78.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IONQ. Vanguard Group Inc. grew its position in shares of IonQ by 15.2% in the 2nd quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company's stock valued at $1,064,257,000 after acquiring an additional 3,269,482 shares during the period. Norges Bank bought a new stake in shares of IonQ during the 2nd quarter worth about $114,767,000. JPMorgan Chase & Co. boosted its holdings in IonQ by 648.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company's stock valued at $114,917,000 after purchasing an additional 2,317,058 shares during the period. Ameriprise Financial Inc. boosted its holdings in IonQ by 262.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 576,391 shares of the company's stock valued at $24,768,000 after purchasing an additional 930,490 shares during the period. Finally, Amazon Com Inc. bought a new stake in IonQ in the 2nd quarter valued at about $36,705,000. 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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