Insider Selling: IonQ, Inc. (NYSE:IONQ) CRO Sells $77,377.23 in Stock

IonQ, Inc. (NYSE:IONQ) CRO Rima Alameddine sold 9,807 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $7.89, for a total value of $77,377.23. Following the completion of the transaction, the executive now owns 687,840 shares in the company, valued at $5,427,057.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

IonQ Price Performance

NYSE:IONQ opened at $7.70 on Friday. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of -9.28 and a beta of 2.11. The business has a 50 day moving average of $8.29 and a 200 day moving average of $10.26. IonQ, Inc. has a 1-year low of $6.98 and a 1-year high of $21.60.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The firm had revenue of $7.58 million during the quarter, compared to analyst estimates of $7.08 million. During the same period in the previous year, the business posted ($0.14) EPS. The business’s quarterly revenue was up 76.9% on a year-over-year basis. As a group, sell-side analysts anticipate that IonQ, Inc. will post -0.89 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IONQ. Verity Asset Management Inc. lifted its stake in shares of IonQ by 41.6% in the 1st quarter. Verity Asset Management Inc. now owns 26,863 shares of the company’s stock valued at $268,000 after acquiring an additional 7,888 shares during the last quarter. Virtu Financial LLC lifted its position in IonQ by 22.5% in the first quarter. Virtu Financial LLC now owns 54,755 shares of the company’s stock valued at $547,000 after purchasing an additional 10,074 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of IonQ by 6.9% during the first quarter. California State Teachers Retirement System now owns 172,959 shares of the company’s stock valued at $1,728,000 after purchasing an additional 11,150 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in shares of IonQ by 234.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 41,375 shares of the company’s stock worth $413,000 after purchasing an additional 29,000 shares during the last quarter. Finally, Oxford Wealth Group LLC purchased a new position in shares of IonQ in the first quarter worth $174,000. 41.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. The Goldman Sachs Group cut their price objective on IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of IonQ in a research note on Thursday, May 16th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, IonQ has an average rating of “Moderate Buy” and an average price target of $16.50.

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.