Thomas G. Kramer Sells 216,000 Shares of IonQ, Inc. (NYSE:IONQ) Stock

IonQ, Inc. (NYSE:IONQ - Get Free Report) CFO Thomas G. Kramer sold 216,000 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.11, for a total value of $8,231,760.00. Following the transaction, the chief financial officer now directly owns 718,516 shares in the company, valued at $27,382,644.76. This trade represents a 23.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

IonQ Trading Up 4.2%

Shares of NYSE IONQ traded up $1.58 during midday trading on Wednesday, reaching $39.62. The company's stock had a trading volume of 18,185,825 shares, compared to its average volume of 18,863,991. The company has a 50 day moving average price of $34.04 and a 200 day moving average price of $33.48. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The company has a market cap of $10.37 billion, a price-to-earnings ratio of -26.59 and a beta of 2.59.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly 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 firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The firm's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.19) earnings per share. Research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in shares of IonQ by 6.6% in the 1st quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock worth $7,149,000 after acquiring an additional 20,127 shares during the last quarter. Strs Ohio purchased a new position in IonQ in the 1st quarter worth about $1,017,000. Intech Investment Management LLC increased its stake in IonQ by 26.4% in the 1st quarter. Intech Investment Management LLC now owns 124,920 shares of the company's stock worth $2,757,000 after purchasing an additional 26,085 shares in the last quarter. Focus Partners Wealth increased its stake in IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock worth $1,032,000 after purchasing an additional 10,881 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock worth $9,932,000 after purchasing an additional 87,428 shares in the last quarter. Institutional investors and hedge funds 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.

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