Insider Selling: IonQ, Inc. (NYSE:IONQ) Director Sells 6,789 Shares of Stock

IonQ, Inc. (NYSE:IONQ - Get Free Report) Director Kathryn K. Chou sold 6,789 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $43.14, for a total value of $292,877.46. Following the completion of the sale, the director owned 60,839 shares of the company's stock, valued at approximately $2,624,594.46. This trade represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

IonQ Price Performance

Shares of IonQ stock traded up $0.48 during trading on Thursday, hitting $44.02. 4,945,742 shares of the company were exchanged, compared to its average volume of 20,030,737. The firm has a market capitalization of $11.52 billion, a P/E ratio of -29.44 and a beta of 2.55. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74. The firm's fifty day moving average price is $40.13 and its 200 day moving average price is $34.07.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. 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, July 7th. DA Davidson lowered their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Cantor Fitzgerald initiated coverage on IonQ in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price objective for the company. Morgan Stanley lifted their price objective on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Finally, 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. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $41.43.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently modified their holdings of IONQ. ORG Partners LLC lifted its holdings in shares of IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares in the last quarter. Measured Risk Portfolios Inc. bought a new position in shares of IonQ during the 4th quarter valued at about $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ during the 4th quarter valued at about $33,000. Future Financial Wealth Managment LLC lifted its holdings in shares of IonQ by 50.0% during the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in IonQ by 780.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after acquiring an additional 1,295 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.