Freedom Investment Management Inc. Takes Position in IonQ, Inc. $IONQ

Key Points

• Freedom Investment Management Inc. established a new stake in IonQ, Inc. by purchasing 20,273 shares valued at approximately $447,000 during the first quarter.
• Insider trading activity has seen significant sales, with Peter Hume Chapman and CEO Masi Niccolo De selling over 6 million shares combined, reflecting sharp decreases in their ownership stakes.
• IonQ reported a revenue increase of 81.6% year-over-year, but missed EPS estimates, leading to analyst ratings that range from "buy" to "neutral" with a consensus price target of $45.00.

Freedom Investment Management Inc. purchased a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 20,273 shares of the company's stock, valued at approximately $447,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quantitative Investment Management LLC bought a new stake in IonQ during the first quarter worth $5,678,000. SVB Wealth LLC bought a new position in shares of IonQ during the 1st quarter worth about $35,000. AlphaQuest LLC lifted its position in IonQ by 25.5% in the 1st quarter. AlphaQuest LLC now owns 4,810 shares of the company's stock valued at $106,000 after acquiring an additional 977 shares in the last quarter. Kestra Advisory Services LLC increased its stake in IonQ by 38.1% in the 1st quarter. Kestra Advisory Services LLC now owns 57,918 shares of the company's stock valued at $1,278,000 after buying an additional 15,986 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in IonQ in the 1st quarter valued at about $1,782,000. 41.42% of the stock is currently owned by institutional investors.

IonQ Price Performance

NYSE:IONQ traded up $1.85 during trading hours on Thursday, hitting $43.27. 15,986,975 shares of the company were exchanged, compared to its average volume of 18,399,588. The company's 50 day moving average price is $41.78 and its 200-day moving average price is $34.33. The stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of -21.53 and a beta of 2.54. IonQ, Inc. has a 52-week low of $6.54 and a 52-week high of $54.74.

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

Insider Buying and Selling at IonQ

In other news, insider Peter Hume Chapman sold 1,497,311 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the sale, the insider owned 390,329 shares of the company's stock, valued at approximately $15,585,836.97. This represents a 79.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 45,000 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the sale, the executive directly owned 552,592 shares in the company, valued at $25,518,698.56. This represents a 7.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,209,626 shares of company stock valued at $361,253,723 over the last ninety days. 5.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Benchmark lifted their price objective on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Wolfe Research initiated coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued a "peer perform" rating on the stock. Oppenheimer assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating on the stock. Rosenblatt Securities started coverage on shares of IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price target on the stock. Finally, B. Riley began coverage on shares of IonQ in a report on Wednesday. They issued a "buy" rating and a $61.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $46.78.

IonQ 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.