Cross Staff Investments Inc Invests $215,000 in IonQ, Inc. $IONQ

Key Points

• Cross Staff Investments Inc invested approximately $215,000 in IonQ, Inc. by purchasing 5,000 shares, highlighting growing interest in the quantum computing sector.
• Recent insider trading reveals that Paul T. Dacier and CFO Thomas G. Kramer sold significant amounts of IonQ stock, reflecting a decrease in their ownership stakes.
• IonQ's latest earnings report revealed a negative EPS of ($0.70), surpassing the loss expectations but showcasing a strong year-over-year revenue growth of 81.6% to $20.69 million.

Cross Staff Investments Inc purchased 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 SEC. The fund purchased 5,000 shares of the company's stock, valued at approximately $215,000.

Other hedge funds have also bought and sold shares of the company. Ameritas Advisory Services LLC purchased a new position in IonQ in the 2nd quarter worth about $46,000. ORG Partners LLC grew its stake in shares of IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after acquiring an additional 870 shares during the period. Farther Finance Advisors LLC grew its stake in shares of IonQ by 780.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after acquiring an additional 1,295 shares during the period. Close Asset Management Ltd bought a new position in shares of IonQ during the 1st quarter valued at approximately $35,000. Finally, SVB Wealth LLC bought a new position in shares of IonQ during the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

Insider Buying and Selling at IonQ

In other news, insider Paul T. Dacier sold 4,175 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $185,370.00. Following the sale, the insider directly owned 114,454 shares of the company's stock, valued at $5,081,757.60. This represents a 3.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas G. Kramer sold 64,578 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total value of $2,700,651.96. Following the sale, the chief financial officer directly owned 473,302 shares in the company, valued at $19,793,489.64. This trade represents a 12.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 178,876 shares of company stock worth $7,930,390. Company insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of recent research reports. Sanford C. Bernstein initiated coverage on IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. Wolfe Research initiated coverage on IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating for the company. Needham & Company LLC boosted their price objective on IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, September 15th. DA Davidson downgraded IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective for the company. in a research note on Thursday, August 7th. Finally, B. Riley boosted their price target on IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $58.33.

IonQ Price Performance

Shares of IONQ opened at $70.88 on Friday. The stock has a market capitalization of $21.04 billion, a price-to-earnings ratio of -35.26 and a beta of 2.60. IonQ, Inc. has a 1 year low of $9.62 and a 1 year high of $82.97. The business's 50 day simple moving average is $53.00 and its 200-day simple moving average is $41.47.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The firm had revenue of $20.69 million for 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 firm's revenue was up 81.6% on a year-over-year basis. During the same period last year, the company earned ($0.18) earnings per share. On average, sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

About IonQ

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.

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