152,648 Shares in IonQ, Inc. $IONQ Purchased by Hsbc Holdings PLC

Key Points

• HSBC Holdings acquired 152,648 IonQ shares worth approximately $8.15 million in the second quarter. Institutional investors collectively own 41.42% of IonQ.
• Analyst sentiment remains generally positive: IonQ has a “Moderate Buy” consensus rating and an average price target of $69.92, despite some recent sell downgrades.
• IonQ reported stronger-than-expected quarterly results, with revenue rising 286.7% year over year to $80.05 million and an adjusted loss of $0.33 per share versus the $0.56 expected loss. The stock opened at $39.18, well below its 52-week high of $84.64.

Hsbc Holdings PLC acquired a new position in IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 152,648 shares of the company's stock, valued at approximately $8,154,000.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of IonQ by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company's stock worth $1,560,343,000 after acquiring an additional 5,420,037 shares in the last quarter. BlackRock Inc. bought a new position in IonQ in the second quarter worth $1,112,945,000. State Street Corp raised its holdings in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company's stock worth $402,160,000 after purchasing an additional 2,663,230 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of IonQ by 21.9% during the 4th quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company's stock valued at $361,624,000 after buying an additional 1,452,463 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of IonQ in the 4th quarter worth about $199,753,000. 41.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

IONQ has been the subject of several research reports. Northland Securities increased their price target on shares of IonQ from $55.00 to $70.00 and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Wall Street Zen lowered shares of IonQ from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Weiss Ratings downgraded shares of IonQ from a "sell (d+)" rating to a "sell (d-)" rating in a research note on Friday, August 21st. Wedbush assumed coverage on shares of IonQ in a report on Monday, August 3rd. They set an "outperform" rating and a $75.00 target price for the company. Finally, Benchmark reiterated a "buy" rating and set a $60.00 target price on shares of IonQ in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $69.92.

Insider Transactions at IonQ

In related news, insider John W. Raymond sold 3,815 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the sale, the insider owned 80,148 shares of the company's stock, valued at $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the sale, the director directly owned 62,608 shares of the company's stock, valued at $3,444,692.16. This trade represents a 4.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 9,329 shares of company stock worth $513,216. Corporate insiders own 0.55% of the company's stock.

IonQ Price Performance

Shares of NYSE:IONQ opened at $39.18 on Friday. The business has a fifty day moving average price of $42.75 and a 200-day moving average price of $43.36. The company has a market capitalization of $14.93 billion, a PE ratio of -8.41 and a beta of 3.28. IonQ, Inc. has a 1-year low of $25.89 and a 1-year high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company had revenue of $80.05 million for the quarter, compared to analysts' expectations of $66.47 million. During the same quarter in the previous year, the business posted ($0.70) EPS. IonQ's revenue was up 286.7% compared to the same quarter last year. On average, sell-side analysts anticipate that IonQ, Inc. will post -2.86 earnings per share for the current fiscal year.

IonQ Profile

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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