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

IonQ, Inc. (NYSE:IONQ) gapped down prior to trading on Monday after an insider sold shares in the company. 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 trading hands.

Specifically, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In related news, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction dated 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 $16,985,373.33. This represents a 3.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on IONQ shares. Craig Hallum boosted their price objective on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Benchmark boosted their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC boosted their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Trading Up 23.6 %

The stock has a market cap of $9.05 billion, a P/E ratio of -51.60 and a beta of 2.49. The firm’s 50-day simple moving average is $23.26 and its 200 day simple moving average is $13.15.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after acquiring an additional 135,851 shares in the last quarter. Carnegie Investment Counsel bought a new position in shares of IonQ in the third quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in shares of IonQ in the third quarter valued at approximately $3,749,000. Rockefeller Capital Management L.P. boosted its holdings in shares of IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after acquiring an additional 111,435 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of IonQ in the third quarter valued at approximately $1,631,000. 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.