CloudAlpha Capital Management Limited Hong Kong Invests $2.43 Million in IonQ, Inc. $IONQ

Key Points

• CloudAlpha Capital Management opened a new position in IonQ during the fourth quarter, buying 54,102 shares worth about $2.43 million.
• Other institutional investors also increased or initiated stakes in IonQ, and institutional ownership now stands at 41.42% of the company.
• IonQ’s latest earnings showed mixed results: revenue jumped 754.7% year over year to $64.67 million, but EPS of -$0.34 missed expectations. Analysts currently rate the stock a Moderate Buy with an average price target of $68.63.

CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 54,102 shares of the company's stock, valued at approximately $2,428,000.

A number of other hedge funds have also bought and sold shares of IONQ. PNC Financial Services Group Inc. lifted its stake in shares of IonQ by 7.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,124 shares of the company's stock valued at $634,000 after purchasing an additional 942 shares during the period. Larson Financial Group LLC grew its stake in IonQ by 15.3% during the fourth quarter. Larson Financial Group LLC now owns 6,078 shares of the company's stock worth $273,000 after purchasing an additional 805 shares during the period. Handelsbanken Fonder AB increased its holdings in IonQ by 41.5% in the fourth quarter. Handelsbanken Fonder AB now owns 86,300 shares of the company's stock worth $3,872,000 after purchasing an additional 25,300 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in IonQ in the fourth quarter worth approximately $3,909,000. Finally, ProShare Advisors LLC lifted its stake in IonQ by 30.3% in the fourth quarter. ProShare Advisors LLC now owns 62,184 shares of the company's stock valued at $2,790,000 after buying an additional 14,465 shares during the period. Institutional investors own 41.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IONQ shares. Jefferies Financial Group set a $85.00 price target on IonQ in a report on Thursday, May 7th. Morgan Stanley set a $48.50 target price on shares of IonQ in a research report on Thursday, May 7th. Northland Securities assumed coverage on shares of IonQ in a research note on Monday, April 20th. They set an "outperform" rating and a $55.00 target price on the stock. Benchmark reduced their price target on shares of IonQ from $75.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $60.00 price target on shares of IonQ in a research note on Monday, May 4th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $68.63.

IonQ Stock Down 1.5%

NYSE IONQ opened at $48.58 on Wednesday. IonQ, Inc. has a 52 week low of $25.89 and a 52 week high of $84.64. The business has a 50 day moving average price of $38.98 and a 200-day moving average price of $43.21. The company has a market cap of $18.13 billion, a price-to-earnings ratio of -173.48 and a beta of 3.05.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.08). The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ's revenue for the quarter was up 754.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.14) earnings per share. On average, equities research analysts anticipate that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, insider Robert T. Cardillo sold 5,165 shares of IonQ stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the transaction, the insider directly owned 112,291 shares in the company, valued at $4,428,757.04. This trade represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the firm's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares in the company, valued at approximately $2,799,326.42. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 12,354 shares of company stock valued at $504,428. Corporate insiders own 5.20% of the company's stock.

IonQ 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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