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

Shares of IonQ, Inc. (NYSE:IONQ) gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $16.74, but opened at $15.76. IonQ shares last traded at $16.66, with a volume of 3,629,516 shares trading hands.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on IONQ shares. Benchmark dropped their target price on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 12th. The Goldman Sachs Group reduced their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and issued a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd. Finally, Craig Hallum reduced their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th.

IonQ Stock Down 10.8 %

The company’s 50 day moving average is $9.85 and its 200 day moving average is $8.57.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in IonQ by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after purchasing an additional 918,265 shares during the period. SG Americas Securities LLC boosted its holdings in shares of IonQ by 27.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after buying an additional 569,906 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of IonQ by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after buying an additional 131,439 shares in the last quarter. Carnegie Investment Counsel bought a new stake in shares of IonQ in the 3rd quarter valued at about $5,036,000. Finally, Yong Rong HK Asset Management Ltd bought a new stake in shares of IonQ in the 3rd quarter valued at about $3,749,000. Hedge funds and other 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.