IonQ (NYSE:IONQ) Shares Gap Down After Insider Selling

IonQ, Inc. (NYSE:IONQ) gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $33.83, but opened at $32.47. IonQ shares last traded at $34.17, with a volume of 4,880,275 shares.

Specifically, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. In other news, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of analyst reports. Needham & Company LLC lifted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum lifted their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

IonQ Trading Up 4.8 %

The stock has a market cap of $9.49 billion, a PE ratio of -54.12 and a beta of 2.49. The business has a fifty day simple moving average of $23.95 and a two-hundred day simple moving average of $13.40.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ’s revenue was up 102.1% on a year-over-year basis. During the same period last year, the business earned ($0.22) EPS. On average, research analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Hedge Funds Weigh In On IonQ

A number of hedge funds have recently modified their holdings of IONQ. Quest Partners LLC increased its position in shares of IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of IonQ in the 3rd quarter worth $72,000. Redwood Wealth Management Group LLC purchased a new stake in IonQ during the 2nd quarter worth approximately $67,000. Impact Partnership Wealth LLC purchased a new stake in IonQ during the 3rd quarter valued at about $89,000. Finally, Arete Wealth Advisors LLC acquired a new stake in shares of IonQ in the third quarter worth $91,000. 41.42% of the stock is currently owned by institutional investors.

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.