Abel Hall LLC Purchases New Shares in IonQ, Inc. $IONQ

Key Points

• Abel Hall LLC has acquired a new stake in IonQ, Inc., purchasing 5,159 shares valued at approximately $222,000 during the second quarter.
• IonQ reported a quarterly revenue of $20.69 million, exceeding analysts' expectations, but also posted a loss of ($0.70) earnings per share.
• Institutional ownership of IonQ stock stands at 41.42%, with several hedge funds significantly increasing their positions in recent quarters.

Abel Hall LLC purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,159 shares of the company's stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IONQ. GAMMA Investing LLC grew its position in IonQ by 4,683.1% during the first quarter. GAMMA Investing LLC now owns 54,336 shares of the company's stock valued at $1,199,000 after buying an additional 53,200 shares during the period. Rhumbline Advisers lifted its holdings in IonQ by 6.6% during the first quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock valued at $7,149,000 after purchasing an additional 20,127 shares in the last quarter. Miracle Mile Advisors LLC lifted its holdings in IonQ by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock valued at $452,000 after purchasing an additional 500 shares in the last quarter. Daymark Wealth Partners LLC lifted its holdings in IonQ by 11.5% during the first quarter. Daymark Wealth Partners LLC now owns 14,601 shares of the company's stock valued at $322,000 after purchasing an additional 1,501 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after purchasing an additional 1,295 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Trading Down 6.1%

NYSE:IONQ opened at $74.42 on Thursday. The company's 50-day moving average price is $51.59 and its 200-day moving average price is $40.80. The company has a market cap of $22.09 billion, a P/E ratio of -37.02 and a beta of 2.60. IonQ, Inc. has a twelve month low of $9.10 and a twelve month high of $82.97.

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

Insider Activity at IonQ

In other IonQ news, insider Robert T. Cardillo sold 8,773 shares of IonQ stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $50.52, for a total transaction of $443,211.96. Following the transaction, the insider directly owned 37,436 shares of the company's stock, valued at $1,891,266.72. The trade was a 18.99% 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, CRO Rima Alameddine sold 19,976 shares of IonQ stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $886,934.40. Following the transaction, the executive directly owned 532,616 shares in the company, valued at $23,648,150.40. This trade represents a 3.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,665 shares of company stock valued at $8,223,268 over the last ninety days. Corporate insiders own 5.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on IONQ shares. Cantor Fitzgerald increased their price objective 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 increased their price objective on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Zacks Research downgraded shares of IonQ from a "hold" rating to a "strong sell" rating in a report on Monday. DA Davidson downgraded shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective on the stock. in a report on Thursday, August 7th. Finally, Needham & Company LLC increased their price objective on shares of IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a report on Monday, September 15th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $58.33.

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.

Want to see what other hedge funds are holding IONQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IonQ, Inc. (NYSE:IONQ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.