IonQ (NYSE:IONQ) Trading Down 4.3% on Insider Selling

IonQ, Inc. (NYSE:IONQ)’s share price dropped 4.3% during mid-day trading on Friday following insider selling activity. The stock traded as low as $49.00 and last traded at $50.31. Approximately 14,144,973 shares changed hands during trading, a decline of 42% from the average daily volume of 24,245,369 shares. The stock had previously closed at $52.55.

Specifically, Director Kathryn K. Chou sold 20,000 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the completion of the sale, the director directly owned 60,839 shares of the company’s stock, valued at approximately $3,127,124.60. This trade represents a 24.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IONQ. JPMorgan Chase & Co. started coverage on IonQ in a report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 target price on the stock. Zacks Research raised shares of IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Rosenblatt Securities raised their target price on shares of IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Morgan Stanley lifted their target price on shares of IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Finally, Cantor Fitzgerald increased their price target on shares of IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $68.18.

IonQ Price Performance

The company’s 50 day moving average is $57.13 and its 200 day moving average is $49.80. The stock has a market cap of $17.48 billion, a price-to-earnings ratio of -9.40 and a beta of 2.62.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The company had revenue of $39.87 million for the quarter, compared to analyst estimates of $26.99 million. During the same quarter in the previous year, the company posted ($0.24) earnings per share. The company’s quarterly revenue was up 221.5% compared to the same quarter last year. Sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Hedge Funds Weigh In On IonQ

Several hedge funds and other institutional investors have recently bought and sold shares of IONQ. TD Waterhouse Canada Inc. grew its holdings in IonQ by 28.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company’s stock valued at $40,000 after purchasing an additional 223 shares during the last quarter. Hilltop National Bank grew its stake in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after acquiring an additional 225 shares during the last quarter. International Assets Investment Management LLC grew its stake in IonQ by 4.3% in the 3rd quarter. International Assets Investment Management LLC now owns 5,679 shares of the company’s stock valued at $349,000 after acquiring an additional 235 shares during the last quarter. Lauer Wealth LLC increased its holdings in IonQ by 5.5% during the 3rd quarter. Lauer Wealth LLC now owns 4,852 shares of the company’s stock valued at $298,000 after acquiring an additional 255 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in IonQ by 11.8% during the third quarter. GAMMA Investing LLC now owns 2,480 shares of the company’s stock worth $153,000 after acquiring an additional 261 shares during the last quarter. 41.42% of the stock is 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.