Burr Financial Services LLC Buys 184,283 Shares of IonQ, Inc. $IONQ

Key Points

• Burr Financial Services purchased 184,283 IonQ shares worth approximately $8.1 million, making the quantum-computing company its sixth-largest holding and about 5% of its portfolio. Institutional investors and hedge funds collectively own 41.42% of IonQ.
• Analyst sentiment remains broadly positive: IonQ has a consensus “Moderate Buy” rating and an average price target of $63.83, although one firm downgraded the stock to “Strong Sell.”
• IonQ shares fell 4.5% to $39.47, while the company reported quarterly revenue of $80.05 million—up 286.7% year over year—and an adjusted loss of $0.33 per share that beat expectations.

Burr Financial Services LLC purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 184,283 shares of the company's stock, valued at approximately $8,083,000. IonQ makes up approximately 5.0% of Burr Financial Services LLC's holdings, making the stock its 6th biggest holding.

Several other large investors have also recently bought and sold shares of IONQ. BlackRock Inc. acquired a new stake in IonQ during the 2nd quarter worth about $1,112,945,000. Bank of America Corp DE acquired a new position in shares of IonQ in the 2nd quarter valued at about $344,757,000. Clear Street Group Inc. lifted its position in shares of IonQ by 219.6% in the fourth quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company's stock worth $143,396,000 after purchasing an additional 2,196,017 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of IonQ in the second quarter worth approximately $113,863,000. Finally, Legal & General Group Plc acquired a new stake in shares of IonQ during the second quarter worth approximately $82,126,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on IONQ. Cantor Fitzgerald reiterated an "overweight" rating and issued a $70.00 price objective on shares of IonQ in a research note on Wednesday, September 9th. B. Riley Financial restated a "buy" rating on shares of IonQ in a report on Wednesday, September 9th. Jefferies Financial Group reiterated a "buy" rating and set a $80.00 price objective on shares of IonQ in a report on Wednesday, September 9th. Northland Securities lifted their price objective on IonQ from $55.00 to $70.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. Finally, Wall Street Zen downgraded IonQ from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $63.83.

Insider Buying and Selling at IonQ

In related news, insider John Raymond sold 2,407 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $37.21, for a total value of $89,564.47. Following the transaction, the insider directly owned 77,741 shares of the company's stock, valued at approximately $2,892,742.61. This trade represents a 3.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.55% of the company's stock.

IonQ Stock Down 4.5%

Shares of IONQ traded down $1.88 during mid-day trading on Thursday, hitting $39.47. 10,188,038 shares of the company's stock were exchanged, compared to its average volume of 24,493,840. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of -8.44 and a beta of 3.36. The firm has a fifty day moving average of $41.27 and a two-hundred day moving average of $44.65. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The firm had revenue of $80.05 million during the quarter, compared to analysts' expectations of $66.47 million. During the same period in the prior year, the company posted ($0.70) earnings per share. IonQ's revenue for the quarter was up 286.7% on a year-over-year basis. On average, equities analysts predict that IonQ, Inc. will post -2.11 earnings per share for the current year.

IonQ Company Profile

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may eventually support applications in areas such as optimization, materials science, drug discovery, financial modeling and artificial intelligence.

The company offers access to its quantum processors through cloud platforms, including Amazon Web Services' Amazon Braket, Microsoft Azure Quantum and Google Cloud.

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