D.A. Davidson & CO. Sells 53,939 Shares of IonQ, Inc. (NYSE:IONQ)

D.A. Davidson & CO. lowered its stake in IonQ, Inc. (NYSE:IONQ - Free Report) by 63.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,633 shares of the company's stock after selling 53,939 shares during the period. D.A. Davidson & CO.'s holdings in IonQ were worth $676,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in IONQ. Vanguard Group Inc. lifted its holdings in shares of IonQ by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock worth $892,797,000 after purchasing an additional 125,144 shares during the period. Geode Capital Management LLC lifted its holdings in shares of IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after purchasing an additional 45,942 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after purchasing an additional 2,293,231 shares during the period. Northern Trust Corp lifted its holdings in shares of IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after purchasing an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of IonQ by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock worth $68,740,000 after purchasing an additional 31,638 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Stock Down 8.9%

IONQ traded down $4.11 during midday trading on Friday, hitting $41.82. The company had a trading volume of 23,222,844 shares, compared to its average volume of 19,988,753. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The company has a market capitalization of $10.94 billion, a price-to-earnings ratio of -28.07 and a beta of 2.55. The stock's 50 day moving average price is $39.35 and its 200 day moving average price is $34.07.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IONQ shares. Benchmark boosted their target price on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a report on Monday, July 7th. Morgan Stanley lifted their price objective on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Needham & Company LLC reissued a "buy" rating and issued a $50.00 price objective on shares of IonQ in a research report on Wednesday, June 11th. Cantor Fitzgerald began coverage on IonQ in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price objective for the company. Finally, DA Davidson lowered their price objective on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $41.43.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 43,382 shares of IonQ stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $47.73, for a total value of $2,070,622.86. Following the completion of the sale, the chief financial officer directly owned 603,134 shares of the company's stock, valued at approximately $28,787,585.82. The trade was a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 45,000 shares of IonQ stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the completion of the sale, the executive directly owned 552,592 shares of the company's stock, valued at approximately $25,518,698.56. This trade represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,137,583 shares of company stock valued at $357,962,352. 5.20% of the stock is owned by insiders.

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.