IonQ (NYSE:IONQ) Shares Down 3.1% After Insider Selling

Shares of IonQ, Inc. (NYSE:IONQ) traded down 3.1% on Wednesday following insider selling activity. The company traded as low as $48.73 and last traded at $49.8220. 10,321,618 shares traded hands during trading, a decline of 57% from the average session volume of 24,118,711 shares. The stock had previously closed at $51.39.

Specifically, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $55.00, for a total value of $275,000.00. Following the sale, the director owned 60,839 shares of the company’s stock, valued at $3,346,145. The trade was a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on IONQ shares. Mizuho started coverage on IonQ in a research report on Thursday, December 11th. They issued an “outperform” rating and a $90.00 price target on the stock. JPMorgan Chase & Co. started coverage on IonQ in a research report on Thursday, November 20th. They set a “neutral” rating and a $47.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of IonQ in a research note on Thursday, November 6th. Benchmark upped their target price on IonQ from $55.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $72.08.

IonQ Stock Down 3.1%

The firm has a market cap of $17.31 billion, a price-to-earnings ratio of -9.31 and a beta of 2.62. The firm has a 50 day moving average of $52.34 and a 200 day moving average of $50.25.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The business had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.IonQ’s quarterly revenue was up 221.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.24) earnings per share. Equities analysts expect 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 IONQ. Ameriflex Group Inc. grew its stake in shares of IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock valued at $25,000 after buying an additional 340 shares during the period. Stone House Investment Management LLC boosted its holdings in IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after acquiring an additional 350 shares in the last quarter. Archer Investment Corp grew its stake in IonQ by 119.3% in the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after acquiring an additional 322 shares during the period. Hilltop National Bank grew its stake in IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after acquiring an additional 225 shares during the period. Finally, Financial Consulate Inc. bought a new stake in shares of IonQ during the third quarter valued at approximately $29,000. 41.42% of the stock is owned by 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.