Encore Global Management LP Purchases New Holdings in IonQ, Inc. $IONQ

Encore Global Management LP acquired a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 12,500 shares of the company's stock, valued at approximately $666,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bogart Wealth LLC raised its position in shares of IonQ by 24.4% in the 1st quarter. Bogart Wealth LLC now owns 1,273 shares of the company's stock valued at $37,000 after purchasing an additional 250 shares in the last quarter. Beaird Harris Wealth Management LLC grew its position in shares of IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock worth $31,000 after buying an additional 270 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock worth $36,000 after buying an additional 279 shares in the last quarter. ABN Amro Investment Solutions increased its stake in shares of IonQ by 2.5% in the first quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company's stock worth $355,000 after buying an additional 295 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of IonQ by 26.1% in the second quarter. Versant Capital Management Inc now owns 1,491 shares of the company's stock worth $79,000 after buying an additional 309 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IONQ. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of IonQ in a report on Friday, August 7th. Rosenblatt Securities reissued a "buy" rating and set a $100.00 price objective on shares of IonQ in a report on Thursday, August 6th. Wedbush initiated coverage on shares of IonQ in a research report on Monday, August 3rd. They issued an "outperform" rating and a $75.00 target price for the company. Morgan Stanley set a $49.00 target price on shares of IonQ in a research note on Thursday, August 6th. Finally, Jefferies Financial Group set a $75.00 price target on shares of IonQ in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and an average price target of $69.92.

Insider Buying and Selling at IonQ

In other news, Director Gabrielle B. Toledano sold 2,757 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the transaction, the director directly owned 11,154 shares in the company, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the transaction, the insider directly owned 80,148 shares of the company's stock, valued at $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,329 shares of company stock worth $513,216 over the last 90 days. Insiders own 0.55% of the company's stock.

IonQ Trading Up 8.2%

Shares of NYSE IONQ opened at $44.95 on Friday. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64. The company has a market capitalization of $17.13 billion, a price-to-earnings ratio of -9.65 and a beta of 3.28. The business has a 50 day simple moving average of $44.36 and a 200-day simple moving average of $43.17.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating 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 business had revenue of $80.05 million for the quarter, compared to analyst estimates of $66.47 million. During the same period in the prior year, the company posted ($0.70) EPS. The business's revenue was up 286.7% compared to the same quarter last year. As a group, equities analysts predict that IonQ, Inc. will post -2.86 earnings per share for the current year.

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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