8,208 Shares in IonQ, Inc. $IONQ Acquired by Kennedy Investment Group

Key Points

• Kennedy Investment Group has acquired 8,208 shares of IonQ, Inc. valued at approximately $353,000, establishing a new position in the company during the 2nd quarter.
• Analysts have boosted their price targets for IonQ, with Needham & Company raising it from $60 to $80 and B. Riley from $75 to $100.
• The company's earnings report showed a revenue increase of 81.6% year-over-year, despite posting a quarterly loss of ($0.70) earnings per share, missing estimates by ($0.57).

Kennedy Investment Group acquired a new position in IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 8,208 shares of the company's stock, valued at approximately $353,000.

Several other institutional investors and hedge funds also recently bought and sold shares of IONQ. Nuveen LLC bought a new position in IonQ in the 1st quarter worth approximately $12,193,000. Deutsche Bank AG boosted its holdings in IonQ by 255.8% in the 1st quarter. Deutsche Bank AG now owns 761,066 shares of the company's stock valued at $16,797,000 after purchasing an additional 547,155 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in IonQ by 101.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company's stock valued at $20,476,000 after purchasing an additional 467,084 shares during the period. UNICOM Systems Inc. boosted its holdings in IonQ by 77.4% in the 1st quarter. UNICOM Systems Inc. now owns 768,900 shares of the company's stock valued at $16,970,000 after purchasing an additional 335,429 shares during the period. Finally, Quantitative Investment Management LLC bought a new position in IonQ in the 1st quarter valued at $5,678,000. 41.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Needham & Company LLC raised their price target on shares of IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a report on Monday, September 15th. Cantor Fitzgerald raised their price target on shares of IonQ from $45.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, September 15th. B. Riley raised their price target on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a report on Monday. Wolfe Research assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They issued a "peer perform" rating for the company. Finally, Oppenheimer assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They issued an "outperform" rating for the company. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $58.33.

Insider Buying and Selling

In related news, Director Kathryn K. Chou sold 6,789 shares of IonQ stock in a transaction on Friday, July 11th. The shares were sold at an average price of $43.14, for a total value of $292,877.46. Following the transaction, the director owned 60,839 shares in the company, valued at $2,624,594.46. This trade represents a 10.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the transaction, the chief executive officer owned 1,181,186 shares in the company, valued at approximately $52,444,658.40. The trade was a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 351,047 shares of company stock worth $15,645,611 over the last 90 days. Insiders own 5.20% of the company's stock.

IonQ Stock Performance

NYSE IONQ opened at $73.90 on Thursday. IonQ, Inc. has a 52-week low of $7.50 and a 52-week high of $76.13. The company has a market capitalization of $21.93 billion, a P/E ratio of -36.76 and a beta of 2.54. The company has a fifty day moving average of $46.19 and a 200-day moving average of $37.48.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data 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 return on equity of 67.11% and a negative net margin of 885.21%.The company had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. During the same period in the prior year, the firm posted ($0.18) earnings per share. The business's revenue was up 81.6% on a year-over-year basis. As a group, analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

IonQ Company 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.

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