DNB Asset Management AS Has $2.48 Million Stock Position in IonQ, Inc. $IONQ

Key Points

• DNB Asset Management AS significantly increased its IonQ stake in the fourth quarter, boosting holdings by 1,099.1% to 55,230 shares worth about $2.48 million.
• IonQ reported strong revenue growth in its latest quarter, with sales of $64.67 million, up 754.7% year over year, though it still posted a loss of $0.34 per share versus expectations for a smaller loss.
• Wall Street remains cautiously optimistic: analysts have a consensus rating of “Moderate Buy” with an average price target of $68.63, even as some firms trimmed or maintained more neutral views.

DNB Asset Management AS raised its stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 1,099.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,230 shares of the company's stock after purchasing an additional 50,624 shares during the quarter. DNB Asset Management AS's holdings in IonQ were worth $2,478,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in IONQ. Ameriflex Group Inc. boosted its holdings in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock valued at $25,000 after purchasing an additional 340 shares in the last quarter. Fortitude Family Office LLC boosted its holdings in IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock valued at $28,000 after purchasing an additional 608 shares in the last quarter. UMB Bank n.a. acquired a new stake in IonQ during the third quarter valued at approximately $31,000. Beaird Harris Wealth Management LLC boosted its holdings in IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock valued at $31,000 after purchasing an additional 270 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after purchasing an additional 279 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

Shares of IONQ opened at $52.53 on Thursday. The company has a market capitalization of $19.61 billion, a P/E ratio of -187.61 and a beta of 3.05. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64. The business's 50 day simple moving average is $39.31 and its 200-day simple moving average is $43.16.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The business had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm's revenue was up 754.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.14) earnings per share. On average, sell-side analysts anticipate that IonQ, Inc. will post -1.99 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director William J. Teuber, Jr. acquired 3,000 shares of the company's stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the transaction, the director directly owned 9,413 shares of the company's stock, valued at approximately $361,270.94. This trade represents a 46.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the transaction, the insider owned 83,963 shares of the company's stock, valued at $2,799,326.42. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 12,354 shares of company stock worth $504,428 in the last quarter. Insiders own 5.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. DA Davidson decreased their price objective on IonQ from $55.00 to $35.00 and set a "neutral" rating on the stock in a report on Thursday, February 26th. Morgan Stanley set a $48.50 price objective on IonQ in a report on Thursday, May 7th. Weiss Ratings raised IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 target price on shares of IonQ in a report on Thursday, February 26th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of IonQ in a report on Monday, February 9th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $68.63.

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. 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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