IonQ (NYSE:IONQ) Stock Price Down 8.7% on Insider Selling

Shares of IonQ, Inc. (NYSE:IONQ) dropped 8.7% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $14.76 and last traded at $15.40. Approximately 10,293,733 shares were traded during mid-day trading, an increase of 47% from the average daily volume of 6,983,056 shares. The stock had previously closed at $16.87.

Specifically, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. 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. Also, CRO Rima Alameddine sold 12,000 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $15.72, for a total value of $188,640.00. Following the completion of the transaction, the executive now owns 615,533 shares in the company, valued at approximately $9,676,178.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

IONQ has been the topic of several research reports. Craig Hallum lowered their price objective on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and issued a $13.00 target price on shares of IonQ in a report on Wednesday, October 2nd. The Goldman Sachs Group cut their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, Benchmark lowered their price objective on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 12th.

IonQ Stock Performance

The company’s 50 day moving average price is $10.00 and its 200-day moving average price is $8.62. The stock has a market cap of $3.18 billion, a P/E ratio of -18.80 and a beta of 2.05.

IonQ (NYSE:IONQ) last issued its quarterly earnings data 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. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. During the same period in the prior year, the firm posted ($0.16) EPS. The firm’s quarterly revenue was up 106.4% compared to the same quarter last year. On average, analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Trading of IonQ

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC raised its position in IonQ by 1,598.7% in the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock worth $20,825,000 after acquiring an additional 1,961,909 shares during the period. Vanguard Group Inc. boosted its holdings in shares of IonQ by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock worth $188,062,000 after purchasing an additional 918,265 shares in the last quarter. Carnegie Investment Counsel bought a new position in shares of IonQ during the 3rd quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in shares of IonQ during the 3rd quarter valued at about $3,749,000. Finally, Gagnon Securities LLC bought a new stake in IonQ in the 1st quarter worth approximately $2,410,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

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.