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

IonQ, Inc. (NYSE:IONQ - Get Free Report) traded down 5.6% during mid-day trading on Friday following insider selling activity. The stock traded as low as $43.85 and last traded at $43.35. 7,862,100 shares were traded during mid-day trading, a decline of 60% from the average session volume of 19,836,004 shares. The stock had previously closed at $45.93.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Morgan Stanley raised their target price on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Needham & Company LLC reiterated a "buy" rating and issued a $50.00 price objective on shares of IonQ in a research report on Wednesday, June 11th. Cantor Fitzgerald started coverage on shares of IonQ in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price for the company. DA Davidson decreased their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Benchmark lifted their price target on IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a report on Monday, July 7th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $41.43.

IonQ Trading Up 1.8%

The stock has a market cap of $11.13 billion, a P/E ratio of -28.55 and a beta of 2.55. The stock's 50-day moving average is $39.35 and its 200-day moving average is $33.97.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. ORG Partners LLC lifted its holdings in IonQ by 348.0% in the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after acquiring an additional 870 shares during the last quarter. Measured Risk Portfolios Inc. bought a new stake in shares of IonQ in the 4th quarter worth approximately $27,000. TD Waterhouse Canada Inc. acquired a new stake in IonQ during the fourth quarter valued at approximately $33,000. Future Financial Wealth Managment LLC boosted 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 buying an additional 500 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after buying an additional 1,295 shares in the last quarter. 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.