IonQ, Inc. (NYSE:IONQ) Insider Sells $497,744.00 in Stock

IonQ, Inc. (NYSE:IONQ) insider Peter Hume Chapman sold 11,965 shares of IonQ stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $41.60, for a total transaction of $497,744.00. Following the completion of the transaction, the insider now owns 390,329 shares of the company’s stock, valued at $16,237,686.40. This represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

IonQ Stock Performance

Shares of IONQ stock opened at $37.79 on Monday. The company has a market capitalization of $9.89 billion, a PE ratio of -46.65 and a beta of 2.59. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74. The business’s fifty day moving average is $33.19 and its 200 day moving average is $33.39.

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

Institutional Investors Weigh In On IonQ

A number of institutional investors and hedge funds have recently bought and sold shares of IONQ. Vanguard Group Inc. grew its stake in IonQ by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company’s stock worth $474,460,000 after buying an additional 123,839 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of IonQ by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock worth $186,593,000 after acquiring an additional 45,942 shares during the last quarter. JPMorgan Chase & Co. grew its position in IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after acquiring an additional 2,293,231 shares in the last quarter. Northern Trust Corp increased its stake in IonQ by 12.6% in the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock valued at $80,809,000 after acquiring an additional 216,752 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in IonQ by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company’s stock valued at $68,740,000 after acquiring an additional 31,638 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IONQ shares. Benchmark raised their price target on IonQ from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. DA Davidson cut their target price on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Finally, Morgan Stanley increased their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $40.00.

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.