Emerald Investment Advisers LLC Acquires Shares of 49,686 IonQ, Inc. $IONQ

Key Points

• Emerald Investment Advisers acquired 49,686 IonQ shares worth approximately $2.65 million during the second quarter, while institutional investors and hedge funds collectively own 41.42% of the company.
• IonQ reported quarterly revenue of $80.05 million, up 286.7% year over year and above analyst expectations, while its adjusted loss of $0.33 per share also beat estimates.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $69.92, although two directors recently sold shares and the stock remains unprofitable.

Emerald Investment Advisers LLC acquired a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 49,686 shares of the company's stock, valued at approximately $2,646,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Korea Investment CORP purchased a new stake in shares of IonQ in the 2nd quarter valued at about $7,051,000. Rakuten Securities Inc. acquired a new stake in shares of IonQ in the 2nd quarter valued at about $4,195,000. Ieq Capital LLC purchased a new position in IonQ during the 2nd quarter worth approximately $418,000. Callan Family Office LLC purchased a new position in IonQ during the 2nd quarter worth approximately $913,000. Finally, Fund Advisors of America Inc FL acquired a new position in IonQ during the second quarter worth approximately $605,000. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Trading Up 8.2%

Shares of IONQ stock opened at $44.95 on Friday. The company has a market capitalization of $17.13 billion, a P/E ratio of -9.65 and a beta of 3.28. The business's 50 day moving average is $44.36 and its two-hundred day moving average is $43.17. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The firm had revenue of $80.05 million during the quarter, compared to the consensus estimate of $66.47 million. During the same period last year, the company earned ($0.70) earnings per share. The company's revenue for the quarter was up 286.7% on a year-over-year basis. As a group, equities analysts predict that IonQ, Inc. will post -2.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IONQ has been the subject of a number of research reports. Jefferies Financial Group set a $75.00 price objective on IonQ in a research note on Thursday, August 6th. Morgan Stanley set a $49.00 target price on shares of IonQ in a research report on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of IonQ from $42.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Weiss Ratings reiterated a "sell (d+)" rating on shares of IonQ in a research report on Friday, August 7th. Finally, Benchmark reiterated a "buy" rating and issued a $60.00 price target on shares of IonQ in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus target price of $69.92.

Insider Buying and Selling at IonQ

In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the company's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $151,662.57. Following the completion of the transaction, the director owned 11,154 shares in the company, valued at approximately $613,581.54. This represents a 19.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the completion of the sale, the director owned 62,608 shares of the company's stock, valued at $3,444,692.16. This trade represents a 4.22% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 9,329 shares of company stock valued at $513,216. 0.55% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding IONQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IonQ, Inc. (NYSE:IONQ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source