IonQ (NYSE:IONQ) Shares Down 1.1% Following Insider Selling

Key Points

• IonQ shares fell 1.1% after CFO Thomas G. Kramer sold 64,578 shares at an average price of $41.82, reducing his position by 12.01%.
• The company reported a first-quarter loss of ($0.70) earnings per share, which was significantly below the consensus estimate, but revenue increased by 81.6% compared to the previous year.
• IonQ has a consensus rating of "Moderate Buy" from analysts with a target price of $46.78.

IonQ, Inc. (NYSE:IONQ - Get Free Report) dropped 1.1% during mid-day trading on Monday following insider selling activity. The stock traded as low as $40.94 and last traded at $41.33. Approximately 3,744,673 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 22,066,834 shares. The stock had previously closed at $41.80.

Specifically, CFO Thomas G. Kramer sold 64,578 shares of IonQ stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total transaction 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. The trade was a 12.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several analysts recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of IonQ in a report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price for the company. Needham & Company LLC reaffirmed a "buy" rating on shares of IonQ in a report on Monday, August 4th. DA Davidson downgraded shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price for the company. in a report on Thursday, August 7th. Oppenheimer assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They set an "outperform" rating for the company. Finally, Wolfe Research assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They set a "peer perform" rating for the company. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.78.

IonQ Trading Down 1.1%

The firm's 50 day simple moving average is $42.02 and its two-hundred day simple moving average is $34.54. The firm has a market cap of $12.27 billion, a price-to-earnings ratio of -20.56 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.IonQ's revenue for the quarter was up 81.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.18) EPS. As a group, equities research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IonQ

Hedge funds and other institutional investors have recently made changes to their positions in the company. Archer Investment Corp raised its position in shares of IonQ by 119.3% in the 2nd quarter. Archer Investment Corp now owns 592 shares of the company's stock valued at $25,000 after buying an additional 322 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC raised its position in shares of IonQ by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after buying an additional 279 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of IonQ in the 2nd quarter valued at approximately $39,000. Finally, Huntington National Bank raised its position in shares of IonQ by 2,034.0% in the 2nd quarter. Huntington National Bank now owns 1,003 shares of the company's stock valued at $43,000 after buying an additional 956 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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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