IonQ (NYSE:IONQ) Trading Down 0.1% After Insider Selling

Shares of IonQ, Inc. (NYSE:IONQ) were down 0.1% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $16.55 and last traded at $16.95. Approximately 12,644,855 shares changed hands during mid-day trading, an increase of 90% from the average daily volume of 6,662,906 shares. The stock had previously closed at $16.96.

Specifically, CRO Rima Alameddine sold 12,000 shares of IonQ stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $15.72, for a total transaction of $188,640.00. Following the completion of the sale, the executive now owns 615,533 shares of the company’s stock, valued at approximately $9,676,178.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

IONQ has been the subject of several research reports. The Goldman Sachs Group cut their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Benchmark dropped their price target on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price target on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Craig Hallum dropped their target price on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

IonQ Price Performance

The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -20.16 and a beta of 2.05. The business’s 50-day moving average price is $9.52 and its two-hundred day moving average price is $8.46.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. The firm had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $8.66 million. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The company’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.16) EPS. As a group, research analysts predict that IonQ, Inc. will post -0.84 EPS for the current year.

Institutional Investors Weigh In On IonQ

Several institutional investors and hedge funds have recently bought and sold shares of the company. Quest Partners LLC increased its holdings in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the period. nVerses Capital LLC bought a new position in IonQ in the third quarter valued at approximately $72,000. Redwood Wealth Management Group LLC acquired a new position in IonQ during the second quarter valued at approximately $67,000. Impact Partnership Wealth LLC bought a new stake in IonQ during the third quarter worth $89,000. Finally, Mosley Wealth Management acquired a new stake in shares of IonQ in the 2nd quarter valued at $81,000. 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.