Insider Selling: IonQ, Inc. (NYSE:IONQ) Director Sells 16,696 Shares of Stock

IonQ, Inc. (NYSE:IONQ) Director Wendy Thomas sold 16,696 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $39.43, for a total transaction of $658,323.28. Following the completion of the sale, the director now directly owns 61,145 shares in the company, valued at approximately $2,410,947.35. The trade was a 21.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

IonQ Trading Down 2.4%

IonQ stock opened at $37.79 on Friday. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74. The company has a market cap of $8.42 billion, a PE ratio of -46.65 and a beta of 2.59. The company’s 50-day moving average is $33.19 and its two-hundred day moving average is $33.37.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.14. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. During the same period in the prior year, the company posted ($0.19) EPS. The company’s revenue was down .2% compared to the same quarter last year. Research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IONQ. Benchmark upped their price target on shares of IonQ from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of IonQ in a research report on Wednesday. Morgan Stanley upped their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. Finally, DA Davidson reduced their price target on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its position in IonQ by 6.6% during the 1st quarter. Rhumbline Advisers now owns 323,930 shares of the company’s stock valued at $7,149,000 after purchasing an additional 20,127 shares during the period. Strs Ohio acquired a new position in IonQ during the 1st quarter valued at about $1,017,000. Intech Investment Management LLC increased its stake in shares of IonQ by 26.4% in the 1st quarter. Intech Investment Management LLC now owns 124,920 shares of the company’s stock valued at $2,757,000 after acquiring an additional 26,085 shares during the last quarter. Focus Partners Wealth increased its stake in shares of IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $1,032,000 after acquiring an additional 10,881 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after acquiring an additional 87,428 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.