IonQ (NYSE:IONQ) Shares Down 5.6% After Insider Selling

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price was down 5.6% on Friday after an insider sold shares in the company. The stock traded as low as $43.85 and last traded at $43.35. Approximately 7,862,100 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 19,836,004 shares. The stock had previously closed at $45.93.

Specifically, CFO Thomas G. Kramer sold 43,382 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $47.73, for a total value of $2,070,622.86. Following the completion of the sale, the chief financial officer directly owned 603,134 shares in the company, valued at approximately $28,787,585.82. This represents a 6.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn K. Chou sold 5,000 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.18, for a total value of $230,900.00. Following the completion of the sale, the director owned 67,628 shares of the company's stock, valued at approximately $3,123,061.04. This represents a 6.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Thomas G. Kramer sold 72,000 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.26, for a total transaction of $3,042,720.00. Following the completion of the sale, the chief financial officer directly owned 646,516 shares in the company, valued at $27,321,766.16. This trade represents a 10.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

IONQ has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $50.00 target price on shares of IonQ in a research note on Wednesday, June 11th. Benchmark raised their target price on IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Monday. Morgan Stanley lifted their price target on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. DA Davidson decreased their price target on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Cantor Fitzgerald initiated coverage on IonQ in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $41.43.

IonQ Price Performance

The stock has a fifty day moving average price of $39.35 and a two-hundred day moving average price of $34.14. The company has a market cap of $10.94 billion, a P/E ratio of -28.07 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to analysts' expectations of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The business's revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) earnings per share. As a group, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Institutional Investors Weigh In On IonQ

Hedge funds have recently made changes to their positions in the business. PDS Planning Inc raised its holdings in IonQ by 2.6% during the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company's stock worth $494,000 after purchasing an additional 300 shares in the last quarter. Mariner LLC raised its holdings in IonQ by 0.6% during the fourth quarter. Mariner LLC now owns 54,479 shares of the company's stock worth $2,276,000 after purchasing an additional 350 shares in the last quarter. Future Financial Wealth Managment LLC raised its holdings in IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after purchasing an additional 500 shares in the last quarter. Miracle Mile Advisors LLC raised its holdings in IonQ by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock worth $452,000 after purchasing an additional 500 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after purchasing an additional 501 shares in the last quarter. 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.