CenterBook Partners LP Buys Shares of 64,446 IonQ, Inc. (NYSE:IONQ)

CenterBook Partners LP acquired a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 64,446 shares of the company's stock, valued at approximately $1,422,000.

Other hedge funds have also recently made changes to their positions in the company. ORG Partners LLC grew its stake in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after purchasing an additional 870 shares during the period. Measured Risk Portfolios Inc. purchased a new stake in IonQ in the fourth quarter worth $27,000. TD Waterhouse Canada Inc. purchased a new stake in IonQ in the fourth quarter worth $33,000. Future Financial Wealth Managment LLC grew its stake in IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after purchasing an additional 500 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after purchasing an additional 1,295 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 216,000 shares of IonQ stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $38.11, for a total value of $8,231,760.00. Following the completion of the transaction, the chief financial officer owned 718,516 shares in the company, valued at approximately $27,382,644.76. The trade was a 23.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 65,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $38.57, for a total value of $2,507,050.00. Following the sale, the executive directly owned 552,592 shares of the company's stock, valued at $21,313,473.44. This represents a 10.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,144,372 shares of company stock worth $358,255,229 over the last three months. 5.20% of the stock is owned by company insiders.

IonQ Stock Performance

Shares of NYSE IONQ traded up $1.64 during trading on Friday, hitting $46.48. The company had a trading volume of 25,683,520 shares, compared to its average volume of 20,172,760. The stock has a 50 day simple moving average of $40.39 and a 200 day simple moving average of $34.07. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The firm has a market capitalization of $12.16 billion, a P/E ratio of -31.19 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The firm's quarterly revenue was down .2% on a year-over-year basis. During the same quarter last year, the company earned ($0.19) EPS. As a group, analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IONQ shares. DA Davidson cut their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Needham & Company LLC reissued a "buy" rating and issued a $50.00 target price on shares of IonQ in a research note on Wednesday, June 11th. Cantor Fitzgerald started coverage on IonQ in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 target price on the stock. Benchmark increased their target price on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Morgan Stanley increased their target price on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $41.43.

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.