50,000 Shares in IonQ, Inc. $IONQ Bought by Seven Grand Managers LLC

Key Points

• Seven Grand Managers LLC opened a new position in IonQ during the fourth quarter, buying 50,000 shares valued at about $2.24 million.
• Institutional interest in IonQ appears broad, with several other firms increasing their stakes and 41.42% of the stock now held by institutional investors.
• IonQ’s latest earnings showed revenue growth of 754.7% year over year, but the company still missed EPS estimates; meanwhile, Wall Street’s consensus remains a Moderate Buy with an average target price of $68.63.

Seven Grand Managers LLC acquired a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 50,000 shares of the company's stock, valued at approximately $2,244,000.

Several other large investors have also recently added to or reduced their stakes in the company. Lauer Wealth LLC lifted its stake in IonQ by 5.3% during the fourth quarter. Lauer Wealth LLC now owns 5,107 shares of the company's stock worth $229,000 after purchasing an additional 255 shares during the last quarter. Beaird Harris Wealth Management LLC lifted its stake in IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock worth $31,000 after purchasing an additional 270 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock worth $36,000 after purchasing an additional 279 shares during the last quarter. Letson Investment Management Inc. lifted its stake in IonQ by 2.6% during the fourth quarter. Letson Investment Management Inc. now owns 12,619 shares of the company's stock worth $566,000 after purchasing an additional 319 shares during the last quarter. Finally, Uptick Partners LLC lifted its stake in IonQ by 5.8% during the third quarter. Uptick Partners LLC now owns 5,905 shares of the company's stock worth $363,000 after purchasing an additional 326 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IONQ. Wall Street Zen upgraded IonQ from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. JPMorgan Chase & Co. raised their target price on IonQ from $42.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $100.00 target price on shares of IonQ in a research note on Thursday, February 26th. Benchmark cut their target price on IonQ from $75.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Finally, Morgan Stanley set a $48.50 target price on IonQ in a research note on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, IonQ currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.63.

IonQ Stock Performance

IONQ stock opened at $65.56 on Thursday. The stock has a market capitalization of $24.47 billion, a price-to-earnings ratio of -234.14 and a beta of 3.05. IonQ, Inc. has a 1 year low of $25.89 and a 1 year high of $84.64. The stock's fifty day moving average is $42.23 and its two-hundred day moving average is $43.36.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.08). The business had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. IonQ's revenue for the quarter was up 754.7% on a year-over-year basis. During the same period last year, the business posted ($0.14) earnings per share. As a group, analysts predict that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

Insider Activity

In other news, insider Robert T. Cardillo sold 3,773 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the transaction, the insider directly owned 139,967 shares of the company's stock, valued at approximately $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Teuber, Jr. purchased 3,000 shares of the stock in a transaction dated Friday, February 27th. The shares were acquired at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the acquisition, the director directly owned 9,413 shares of the company's stock, valued at approximately $361,270.94. This trade represents a 46.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 5.20% of the company's stock.

Key Stories Impacting IonQ

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: Investors are bidding up quantum stocks after the U.S. Department of Commerce announced $2.013 billion in CHIPS Act grants to nine quantum computing companies, which is seen as a major validation for the industry and a potential tailwind for IonQ. Article title: QTUM ETF Crosses $5 Billion Even As IBM, Rigetti, IonQ, D-Wave Cool Off
• Positive Sentiment: IonQ is benefiting from renewed attention on quantum computing and speculation that it could be a future beneficiary of the government’s broader quantum technology push, helping support the stock. Article title: What Is Going On With IonQ Stock On Tuesday?
• Neutral Sentiment: Coverage on “why quantum hype returned” reinforces the sector’s momentum, but it appears to be more about a broad sentiment shift than a direct operational catalyst for IonQ. Article title: IonQ: Why Quantum Hype Returned
• Negative Sentiment: One analyst-style comparison argued that QBTS may have stronger June upside than IonQ because of faster bookings growth, rising enterprise adoption, and more attractive implied gains, which could shift some investor attention away from IONQ. Article title: IONQ vs. QBTS: Which Quantum Stock Has More Upside Potential in June?
• Negative Sentiment: Some commentary warns that the IonQ story could get messier after SkyWater developments, suggesting execution and competitive concerns may create volatility for the stock. Article title: IonQ: Quantum Story May Get Messier After SkyWater

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. 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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