87,701 Shares in IonQ, Inc. $IONQ Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 87,701 IonQ shares in the second quarter, worth approximately $4.67 million. Institutional investors and hedge funds collectively own 41.42% of the company.
• IonQ reported a quarterly loss of $0.33 per share, beating estimates for a $0.56 loss, while revenue reached $80.05 million—up 286.7% year over year and above expectations.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $69.92, although insiders sold 9,329 shares worth about $513,216 over the past three months.

The Manufacturers Life Insurance Company bought a new position in IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 87,701 shares of the company's stock, valued at approximately $4,671,000.

A number of other large investors have also added to or reduced their stakes in the company. Beaird Harris Wealth Management LLC grew its stake in shares of IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock valued at $31,000 after acquiring an additional 270 shares in the last quarter. Accent Capital Management LLC lifted its holdings in IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company's stock worth $26,000 after buying an additional 371 shares during the last quarter. Kelleher Financial Advisors acquired a new position in shares of IonQ in the 3rd quarter worth approximately $36,000. Banque Transatlantique SA bought a new stake in shares of IonQ in the 3rd quarter valued at approximately $43,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of IonQ in the 2nd quarter valued at approximately $42,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at IonQ

In other news, Director Kathryn K. Chou sold 2,757 shares of the company'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 value of $151,690.14. Following the completion of the sale, the director directly owned 62,608 shares of the company's stock, valued at approximately $3,444,692.16. This represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of the 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 $151,662.57. Following the completion of the transaction, the director owned 11,154 shares of the company's stock, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 9,329 shares of company stock valued at $513,216. Company insiders own 0.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IONQ. Morgan Stanley set a $49.00 target price on shares of IonQ in a report on Thursday, August 6th. Wall Street Zen lowered IonQ from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price target on shares of IonQ in a report on Thursday, August 6th. Needham & Company LLC restated a "buy" rating and set a $65.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Finally, 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. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and a consensus target price of $69.92.

IonQ Stock Performance

NYSE:IONQ opened at $39.31 on Tuesday. The stock has a market cap of $14.98 billion, a price-to-earnings ratio of -8.44 and a beta of 3.28. IonQ, Inc. has a 1 year low of $25.89 and a 1 year high of $84.64. The business has a fifty day moving average of $42.37 and a 200-day moving average of $43.45.

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