IonQ, Inc. (NYSE:IONQ – Get Rating) gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $9.84, but opened at $9.55. IonQ shares last traded at $9.46, with a volume of 1,414,037 shares trading hands.
Specifically, insider Christopher Monroe sold 200,000 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $10.75, for a total value of $2,150,000.00. Following the transaction, the insider now owns 2,056,254 shares of the company’s stock, valued at $22,104,730.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Christopher Monroe sold 200,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $10.75, for a total value of $2,150,000.00. Following the completion of the sale, the insider now owns 2,056,254 shares in the company, valued at approximately $22,104,730.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Laurie A. Babinski sold 7,884 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $10.52, for a total transaction of $82,939.68. Following the sale, the general counsel now directly owns 246,889 shares of the company’s stock, valued at approximately $2,597,272.28. The disclosure for this sale can be found here. In the last three months, insiders sold 231,630 shares of company stock valued at $2,482,748. Company insiders own 13.00% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. Morgan Stanley began coverage on shares of IonQ in a report on Wednesday, April 26th. They set an “equal weight” rating and a $7.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $9.00 price objective on shares of IonQ in a research report on Friday, March 31st. Finally, Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of IonQ in a research report on Friday, March 31st.
IonQ Price Performance
IonQ (NYSE:IONQ – Get Rating) last issued its quarterly earnings results on Thursday, March 30th. The company reported ($0.09) EPS for the quarter. The business had revenue of $3.81 million for the quarter. IonQ had a negative net margin of 531.99% and a negative return on equity of 15.32%. Equities research analysts predict that IonQ, Inc. will post -0.34 earnings per share for the current fiscal year.
Institutional Investors Weigh In On IonQ
Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of IonQ by 8.2% during the 3rd quarter. Vanguard Group Inc. now owns 13,635,143 shares of the company’s stock valued at $69,130,000 after purchasing an additional 1,037,433 shares during the last quarter. BlackRock Inc. lifted its stake in IonQ by 1.1% in the first quarter. BlackRock Inc. now owns 8,672,563 shares of the company’s stock worth $53,336,000 after purchasing an additional 90,481 shares during the last quarter. Softbank Group CORP. purchased a new stake in IonQ during the first quarter valued at about $37,753,000. MIC Capital Management UK LLP purchased a new stake in IonQ during the 3rd quarter valued at about $21,448,000. Finally, Geode Capital Management LLC raised its holdings in IonQ by 5.3% during the 1st quarter. Geode Capital Management LLC now owns 2,591,029 shares of the company’s stock valued at $15,935,000 after buying an additional 129,350 shares during the last quarter. 46.18% of the stock is owned by hedge funds and other institutional investors.
IonQ Company Profile
IonQ, Inc engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. 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.
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