Insider Selling: IonQ, Inc. (NYSE:IONQ) Insider Sells 910,740 Shares of Stock

IonQ, Inc. (NYSE:IONQ - Get Free Report) insider Peter Hume Chapman sold 910,740 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 390,329 shares of the company's stock, valued at $14,746,629.62. The trade was a 70.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Peter Hume Chapman also recently made the following trade(s):

• On Friday, June 20th, Peter Hume Chapman sold 1,497,311 shares of IonQ stock. The shares were sold at an average price of $39.93, for a total value of $59,787,628.23.
• On Monday, June 16th, Peter Hume Chapman sold 3,581,193 shares of IonQ stock. The shares were sold at an average price of $38.13, for a total value of $136,550,889.09.
• On Wednesday, June 11th, Peter Hume Chapman sold 11,965 shares of IonQ stock. The shares were sold at an average price of $41.60, for a total value of $497,744.00.

IonQ Trading Up 1.6%

IONQ stock traded up $0.63 during midday trading on Friday, hitting $40.26. 32,961,322 shares of the company's stock were exchanged, compared to its average volume of 18,965,796. The business has a 50-day simple moving average of $34.60 and a two-hundred day simple moving average of $33.58. The stock has a market capitalization of $10.53 billion, a PE ratio of -27.02 and a beta of 2.59. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74.

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 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 firm's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.19) earnings per share. As a group, research analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in IonQ by 0.6% during the first quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock worth $474,460,000 after acquiring an additional 123,839 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after buying an additional 45,942 shares during the period. JPMorgan Chase & Co. boosted its position in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after buying an additional 2,293,231 shares during the period. Northern Trust Corp boosted its position in shares of IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after buying an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of IonQ by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock worth $68,740,000 after buying an additional 31,638 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on IONQ. Needham & Company LLC reissued a "buy" rating and set a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Benchmark increased their price target on IonQ from $40.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. DA Davidson cut their price target on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Morgan Stanley increased their price target on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and an average target price of $40.00.

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.