Exchange Traded Concepts LLC Buys Shares of 97,176 IonQ, Inc. $IONQ

Key Points

• Exchange Traded Concepts LLC acquired a new stake in IonQ, Inc. by purchasing 97,176 shares, valued at approximately $4.17 million, during the second quarter.
• Institutional investors now own 41.42% of IonQ's stock, with several firms, including Nuveen Asset Management and UBS, significantly increasing their holdings in recent months.
• The company's quarterly earnings report showed a revenue increase of 81.6% year-over-year, despite a loss per share that missed consensus estimates, indicating growth potential in the quantum computing sector.

Exchange Traded Concepts LLC purchased a new position in IonQ, Inc. (NYSE:IONQ - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 97,176 shares of the company's stock, valued at approximately $4,176,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in IonQ by 0.6% in the first quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company's stock worth $474,460,000 after buying an additional 123,839 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in IonQ by 101.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company's stock worth $20,476,000 after buying an additional 467,084 shares during the last quarter. UNICOM Systems Inc. grew its position in IonQ by 77.4% in the first quarter. UNICOM Systems Inc. now owns 768,900 shares of the company's stock worth $16,970,000 after buying an additional 335,429 shares during the last quarter. Deutsche Bank AG grew its position in IonQ by 255.8% in the first quarter. Deutsche Bank AG now owns 761,066 shares of the company's stock worth $16,797,000 after buying an additional 547,155 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in IonQ by 14.7% in the fourth quarter. Nuveen Asset Management LLC now owns 555,192 shares of the company's stock worth $23,190,000 after buying an additional 71,168 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Trading Up 1.6%

IONQ traded up $1.17 during trading on Tuesday, hitting $73.11. The stock had a trading volume of 28,083,950 shares, compared to its average volume of 22,958,758. The firm has a market cap of $21.70 billion, a PE ratio of -36.36 and a beta of 2.54. IonQ, Inc. has a 12 month low of $7.50 and a 12 month high of $76.13. The company has a 50 day simple moving average of $44.92 and a 200-day simple moving average of $36.96.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.57). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The firm had revenue of $20.69 million during the quarter, compared to the consensus estimate of $17.23 million. During the same quarter last year, the business earned ($0.18) EPS. The business's revenue was up 81.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of recent analyst reports. Benchmark raised their price objective on shares of IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Cantor Fitzgerald raised their price objective on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Wolfe Research initiated coverage on shares of IonQ in a research note on Wednesday, July 30th. They issued a "peer perform" rating for the company. Oppenheimer initiated coverage on shares of IonQ in a research note on Wednesday, July 30th. They issued an "outperform" rating for the company. Finally, B. Riley raised their price objective on shares of IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $58.33.

Insider Activity at IonQ

In other news, CEO Masi Niccolo De sold 16,120 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the transaction, the chief executive officer owned 1,181,186 shares in the company, valued at approximately $52,444,658.40. The trade was a 1.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 8,773 shares of the business's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the transaction, the insider owned 37,436 shares in the company, valued at approximately $1,891,266.72. The trade was a 18.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 351,047 shares of company stock worth $15,645,611. Insiders own 5.20% of the company's stock.

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.