IonQ (NYSE:IONQ) Trading Down 8.7% After Insider Selling

IonQ, Inc. (NYSE:IONQ - Get Free Report)'s share price fell 8.7% on Thursday following insider selling activity. The company traded as low as $14.76 and last traded at $15.40. 10,293,733 shares were traded during trading, an increase of 47% from the average session volume of 6,983,056 shares. The stock had previously closed at $16.87.

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

Analyst Ratings Changes

Several research firms have commented on IONQ. Craig Hallum reduced their price objective on IonQ from $21.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group dropped their target price on IonQ from $11.50 to $8.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. Benchmark dropped their target price on IonQ from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. Finally, Needham & Company LLC restated a "buy" rating and set a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd.

IonQ Trading Down 10.8 %

The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -19.65 and a beta of 2.05. The company has a fifty day moving average price of $9.70 and a 200-day moving average price of $8.52.

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

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Carnegie Investment Counsel purchased a new position in shares of IonQ during the third quarter worth $5,036,000. Bleakley Financial Group LLC purchased a new position in shares of IonQ during the third quarter worth $152,000. Oppenheimer & Co. Inc. boosted its position in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company's stock worth $365,000 after buying an additional 1,400 shares during the period. Gamco Investors INC. ET AL purchased a new position in shares of IonQ during the first quarter worth $185,000. Finally, Swiss National Bank boosted its position in shares of IonQ by 14.8% during the first quarter. Swiss National Bank now owns 343,600 shares of the company's stock worth $3,433,000 after buying an additional 44,200 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

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.