Forsta AP Fonden Makes New Investment in IonQ, Inc. $IONQ

Key Points

• Forsta AP Fonden opened a new position in IonQ in the fourth quarter, buying 122,312 shares worth about $5.49 million.
• IonQ’s latest quarterly results showed revenue of $64.67 million, well above expectations, but EPS of -$0.34 missed estimates. Revenue also surged 754.7% year over year.
• Wall Street remains cautiously positive, with analysts assigning IonQ a Moderate Buy consensus and an average target price of $68.63, while insiders have recently sold shares.

Forsta AP Fonden bought a new position in IonQ, Inc. (NYSE:IONQ - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 122,312 shares of the company's stock, valued at approximately $5,488,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriflex Group Inc. grew its position in IonQ by 485.7% in the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock worth $25,000 after purchasing an additional 340 shares during the last quarter. UMB Bank n.a. bought a new position in shares of IonQ in the third quarter valued at approximately $31,000. Beaird Harris Wealth Management LLC boosted its holdings in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock valued at $31,000 after acquiring an additional 270 shares in the last quarter. Accent Capital Management LLC boosted its holdings in shares of IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company's stock valued at $26,000 after acquiring an additional 371 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new position in shares of IonQ in the third quarter valued at approximately $36,000. Institutional investors own 41.42% of the company's stock.

IonQ Stock Performance

Shares of NYSE:IONQ opened at $69.35 on Tuesday. The company has a market cap of $25.89 billion, a PE ratio of -247.68 and a beta of 3.18. IonQ, Inc. has a 52 week low of $25.89 and a 52 week high of $84.64. The firm has a 50 day simple moving average of $44.51 and a 200 day simple moving average of $43.66.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly 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 firm had revenue of $64.67 million during the quarter, compared to analysts' expectations of $49.75 million. IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm's revenue was up 754.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) EPS. On average, equities analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IONQ. Morgan Stanley set a $48.50 price objective on shares of IonQ in a report on Thursday, May 7th. Benchmark decreased their price objective on shares of IonQ from $75.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Weiss Ratings upgraded shares of IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. DA Davidson decreased their price objective on shares of IonQ from $55.00 to $35.00 and set a "neutral" rating for the company in a report on Thursday, February 26th. Finally, Jefferies Financial Group set a $85.00 price objective on shares of IonQ in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and a consensus target price of $68.63.

Insider Activity at IonQ

In related news, insider Robert T. Cardillo sold 3,773 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the sale, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. This represents a 2.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John W. Raymond sold 2,800 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares of the company's stock, valued at approximately $2,799,326.42. This trade represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. 5.20% of the stock is currently owned by corporate 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. 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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