IonQ (NYSE:IONQ) Shares Down 2.7% on Insider Selling

IonQ, Inc. (NYSE:IONQ)’s share price dropped 2.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $10.52 and last traded at $10.55. Approximately 5,536,690 shares were traded during trading, a decline of 7% from the average daily volume of 5,968,193 shares. The stock had previously closed at $10.84.

Specifically, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total value of $98,184.48. Following the sale, the executive now owns 648,783 shares of the company’s stock, valued at $6,954,953.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group decreased their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and set a $13.00 price objective on shares of IonQ in a report on Wednesday, October 2nd. Benchmark lowered their target price on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Craig Hallum dropped their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

IonQ Stock Performance

The stock has a market cap of $2.64 billion, a P/E ratio of -14.73 and a beta of 2.05. The company has a 50-day simple moving average of $8.06 and a 200-day simple moving average of $8.06.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The company had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. IonQ’s quarterly revenue was up 106.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) earnings per share. As a group, sell-side analysts expect that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IONQ. Carnegie Investment Counsel acquired a new stake in shares of IonQ in the 3rd quarter valued at approximately $5,036,000. Oppenheimer & Co. Inc. boosted its position in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock worth $365,000 after purchasing an additional 1,400 shares in the last quarter. Gamco Investors INC. ET AL acquired a new position in shares of IonQ in the 1st quarter valued at $185,000. Vanguard Group Inc. raised its stake in IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock worth $221,864,000 after buying an additional 193,924 shares during the period. Finally, Swiss National Bank lifted its holdings in IonQ by 14.8% during the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after acquiring an additional 44,200 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.