T. Rowe Price Investment Management Inc. Makes New $1.78 Million Investment in IonQ, Inc. $IONQ

Key Points

• T. Rowe Price Investment Management has acquired a new stake in IonQ, Inc., purchasing 80,721 shares valued at approximately $1.78 million during the first quarter.
• Several large investors, including Ameriprise Financial and Deutsche Bank AG, have also increased their stakes in IonQ, which now has 41.42% of its stock owned by institutional investors.
• IonQ reported a significant revenue increase of 81.6% year-over-year, although the company faced a loss of ($0.70) earnings per share in its latest quarter.

T. Rowe Price Investment Management Inc. bought a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 80,721 shares of the company's stock, valued at approximately $1,782,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IONQ. Ameriprise Financial Inc. bought a new position in IonQ during the fourth quarter worth about $29,519,000. Price T Rowe Associates Inc. MD raised its position in shares of IonQ by 475.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company's stock worth $28,771,000 after purchasing an additional 569,061 shares during the period. Nuveen LLC acquired a new stake in shares of IonQ during the first quarter worth about $12,193,000. Deutsche Bank AG raised its position in shares of IonQ by 255.8% during the first quarter. Deutsche Bank AG now owns 761,066 shares of the company's stock worth $16,797,000 after purchasing an additional 547,155 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of IonQ by 101.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company's stock worth $20,476,000 after purchasing an additional 467,084 shares during the period. Institutional investors own 41.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on IONQ shares. Wolfe Research started coverage on IonQ in a research report on Wednesday, July 30th. They set a "peer perform" rating on the stock. Benchmark raised their price target on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. DA Davidson lowered IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target on the stock. in a research report on Thursday, August 7th. Oppenheimer started coverage on IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating on the stock. Finally, Morgan Stanley raised their price target on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, IonQ has an average rating of "Moderate Buy" and a consensus price target of $46.78.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 45,000 shares of the business's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the transaction, the executive owned 552,592 shares of the company's stock, valued at $25,518,698.56. The trade was a 7.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas G. Kramer sold 17,776 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $41.28, for a total value of $733,793.28. Following the transaction, the chief financial officer directly owned 537,880 shares in the company, valued at $22,203,686.40. This trade represents a 3.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,209,626 shares of company stock worth $361,253,723 in the last 90 days. 5.20% of the stock is owned by corporate insiders.

IonQ Stock Performance

IonQ stock traded up $1.05 during midday trading on Wednesday, reaching $41.80. The stock had a trading volume of 13,689,602 shares, compared to its average volume of 22,502,688. The firm's fifty day simple moving average is $41.67 and its 200-day simple moving average is $34.26. IonQ, Inc. has a 1-year low of $6.54 and a 1-year high of $54.74. The stock has a market capitalization of $12.41 billion, a P/E ratio of -20.79 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The firm had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. During the same period in the prior year, the business posted ($0.18) EPS. The firm's quarterly revenue was up 81.6% compared to the same quarter last year. On average, sell-side analysts anticipate that IonQ, Inc. will post -0.86 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.