Rima Alameddine Sells 19,976 Shares of IonQ, Inc. (NYSE:IONQ) Stock

IonQ, Inc. (NYSE:IONQ) CRO Rima Alameddine sold 19,976 shares of the company’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $41.60, for a total value of $831,001.60. Following the transaction, the executive now directly owns 552,592 shares of the company’s stock, valued at approximately $22,987,827.20. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Rima Alameddine also recently made the following trade(s):

• On Friday, June 13th, Rima Alameddine sold 65,000 shares of IonQ stock. The shares were sold at an average price of $38.57, for a total value of $2,507,050.00.

IonQ Trading Down 2.4%

Shares of IONQ stock opened at $37.79 on Friday. The company has a market cap of $8.42 billion, a price-to-earnings ratio of -46.65 and a beta of 2.59. The stock has a 50 day simple moving average of $33.19 and a 200-day simple moving average of $33.37. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to the consensus estimate 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 for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.19) EPS. On average, equities analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IonQ

A number of large investors have recently modified their holdings of IONQ. JPMorgan Chase & Co. raised its stake in shares of IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after buying an additional 2,293,231 shares in the last quarter. Chevy Chase Trust Holdings LLC purchased a new position in shares of IonQ during the 4th quarter worth approximately $32,060,000. Ameriprise Financial Inc. purchased a new position in shares of IonQ during the 4th quarter worth approximately $29,519,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of IonQ during the 4th quarter worth approximately $29,513,000. Finally, Invesco Ltd. increased its stake in IonQ by 439.3% in the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock valued at $35,800,000 after purchasing an additional 698,146 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IONQ has been the subject of a number of research analyst reports. DA Davidson decreased their target price on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Morgan Stanley upped their price objective on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of IonQ in a research note on Wednesday. Finally, Benchmark upped their price objective on IonQ from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and an average price target 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.