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

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s stock price 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 stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares of the company's stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares of the company's stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In other IonQ news, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

IONQ has been the subject of several analyst reports. Craig Hallum boosted their target price 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. 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 report on Thursday, November 7th. Finally, Benchmark boosted their target price 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.

IonQ Price Performance

The firm has a market cap of $8.90 billion, a PE ratio of -44.80 and a beta of 2.49. The firm has a 50-day simple moving average of $22.61 and a 200 day simple moving average of $12.91.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $12.40 million during the quarter, compared to analysts' expectations of $10.56 million. During the same period last year, the firm posted ($0.22) EPS. IonQ's quarterly revenue was up 102.1% compared to the same quarter last year. Sell-side analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quest Partners LLC boosted its stake in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company's stock worth $46,000 after purchasing an additional 6,368 shares during the period. Redwood Wealth Management Group LLC bought a new position in IonQ in the 2nd quarter worth approximately $67,000. nVerses Capital LLC bought a new position in IonQ in the 3rd quarter worth approximately $72,000. Mosley Wealth Management purchased a new stake in shares of IonQ during the 2nd quarter worth approximately $81,000. Finally, Xponance Inc. purchased a new stake in shares of IonQ during the 2nd quarter worth approximately $88,000. 41.42% of the stock is currently owned by institutional investors.

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.