IonQ (NYSE:IONQ) Shares Down 1.2% on Insider Selling

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was down 1.2% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $37.55 and last traded at $39.86. Approximately 9,291,608 shares were traded during trading, a decline of 51% from the average daily volume of 18,972,931 shares. The stock had previously closed at $40.36.

Specifically, insider Peter Hume Chapman sold 1,497,311 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the completion of the transaction, the insider now directly owns 390,329 shares in the company, valued at approximately $15,585,836.97. This represents a 79.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Hume Chapman sold 3,581,193 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.13, for a total transaction of $136,550,889.09. Following the sale, the insider now directly owns 390,329 shares in the company, valued at approximately $14,883,244.77. The trade was a 90.17% decrease in their position. The disclosure for this sale can be found here. In other IonQ news, insider Peter Hume Chapman sold 910,740 shares of IonQ stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $37.78, for a total value of $34,407,757.20. Following the completion of the transaction, the insider now directly owns 390,329 shares of the company's stock, valued at $14,746,629.62. This trade represents a 70.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Analysts Set New Price Targets

IONQ has been the topic of several analyst reports. Morgan Stanley boosted their target price on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Benchmark boosted their target price on IonQ from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Needham & Company LLC reiterated a "buy" rating and issued a $50.00 price target on shares of IonQ in a report on Wednesday, June 11th. Finally, DA Davidson dropped their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and a consensus target price of $40.00.

IonQ Price Performance

The stock has a market cap of $10.44 billion, a PE ratio of -26.75 and a beta of 2.59. The business has a fifty day moving average of $34.60 and a 200-day moving average of $33.56.

IonQ (NYSE:IONQ - Get Free Report) last issued its 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 return on equity of 63.35% and a negative net margin of 753.20%. The business had revenue of $7.57 million during the quarter, compared to analysts' expectations of $7.51 million. During the same period in the prior year, the business earned ($0.19) EPS. The business's revenue for the quarter was down .2% compared to the same quarter last year. As a group, equities research analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of IonQ during the 4th quarter worth $237,000. Blue Trust Inc. boosted its position in shares of IonQ by 665.9% in the 4th quarter. Blue Trust Inc. now owns 1,685 shares of the company's stock worth $70,000 after purchasing an additional 1,465 shares in the last quarter. Rhumbline Advisers increased its position in IonQ by 9.2% during the 4th quarter. Rhumbline Advisers now owns 303,803 shares of the company's stock valued at $12,690,000 after buying an additional 25,577 shares in the last quarter. Allworth Financial LP raised its stake in IonQ by 15.2% in the fourth quarter. Allworth Financial LP now owns 2,753 shares of the company's stock valued at $116,000 after buying an additional 363 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in IonQ in the fourth quarter worth about $998,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

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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