Insider Selling: IonQ, Inc. (NYSE:IONQ) CEO Sells 13,106 Shares of Stock

IonQ, Inc. (NYSE:IONQ) CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

IonQ Stock Performance

Shares of NYSE:IONQ traded up $3.87 during midday trading on Friday, reaching $33.86. The company had a trading volume of 24,629,528 shares, compared to its average volume of 9,928,242. The company has a fifty day simple moving average of $22.12 and a two-hundred day simple moving average of $12.67. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of -38.74 and a beta of 2.49. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $38.45.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period last year, the firm earned ($0.22) earnings per share. IonQ’s revenue for the quarter was up 102.1% compared to the same quarter last year. Analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Carnegie Investment Counsel acquired a new stake in IonQ in the third quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in shares of IonQ during the 3rd quarter valued at $3,749,000. Main Management ETF Advisors LLC acquired a new stake in shares of IonQ in the 3rd quarter valued at $1,865,000. Geode Capital Management LLC boosted its holdings in IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after purchasing an additional 199,360 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in IonQ during the third quarter worth $1,631,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Benchmark increased their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC increased their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum upped their price objective on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

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.