IONQ (NYSE: IONQ) stock surged about 6% in pre-market trading Thursday following a notable insider transaction. William F. Scannell, a director at the quantum computing firm, recently purchased $2.03 million worth of IonQ common stock, signaling strong confidence in its outlook.
According to a recent SEC filing, Scannell acquired 93,066 shares of IonQ on March 12. The shares were bought at a weighted average price of $21.8072, with individual transactions executed at prices ranging from $21.49 to $22.11 per share. Following this move, Scannell now holds 135,047 shares directly in the company.
IonQ’s stock has been on a strong upward trend, boasting a 126% return over the past year, per InvestingPro data. The director’s investment comes amid this impressive performance, further boosting market interest.
In other news, IONQ (NYSE: IONQ) recently released its fourth-quarter 2024 earnings report. The results showed a significant miss on earnings per share, with the company reporting ($0.93) against an expected -$0.23. However, the company outperformed on revenue, posting $11.7 million compared to the forecast of $10.6 million.
On the corporate front, IonQ announced a leadership shakeup. Peter Chapman stepped down as CEO to take on the role of Executive Chair, with Niccolo de Masi stepping in as the new CEO. Analysts remain optimistic despite the transition.
DA Davidson maintained its Buy rating on IonQ with a price target of $50. Benchmark adjusted its price target from $50 to $45 but maintained a Buy rating, reflecting continued confidence in the stock.
