Fund Advisors of America Inc FL Makes New Investment in IonQ, Inc. $IONQ

Key Points

• Fund Advisors of America bought 11,356 IonQ shares in the second quarter, valued at approximately $605,000. Institutional investors and hedge funds collectively own 41.42% of the company.
• Wall Street’s consensus view is “Moderate Buy”, with nine Buy ratings, four Holds and one Sell rating; the average price target is $69.92.
• IonQ’s latest quarterly results beat expectations, with an adjusted loss of $0.33 per share versus the $0.56 estimate and revenue of $80.05 million, up 286.7% year over year. The company remains unprofitable, posting a negative net margin of 553.27%.

Fund Advisors of America Inc FL bought a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,356 shares of the company's stock, valued at approximately $605,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Accent Capital Management LLC raised its holdings in shares of IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company's stock worth $26,000 after acquiring an additional 371 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company's stock valued at $28,000 after purchasing an additional 656 shares during the period. PeakShares LLC purchased a new stake in shares of IonQ in the first quarter valued at about $29,000. Beaird Harris Wealth Management LLC increased its position in 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 purchasing an additional 270 shares during the last quarter. Finally, MWA Asset Management acquired a new stake in IonQ during the first quarter worth about $32,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IONQ. Wall Street Zen downgraded shares of IonQ from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Morgan Stanley set a $49.00 price target on shares of IonQ in a research note on Thursday, August 6th. Jefferies Financial Group set a $75.00 price target on shares of IonQ in a report on Thursday, August 6th. Rosenblatt Securities reaffirmed a "buy" rating and set a $100.00 price target on shares of IonQ in a research report on Thursday, August 6th. Finally, Northland Securities upped their price objective on IonQ from $55.00 to $70.00 and gave the company an "outperform" rating in a report on Monday, June 22nd. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $69.92.

Insider Activity

In related news, insider John W. Raymond sold 3,815 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $209,863.15. Following the transaction, the insider owned 80,148 shares of the company's stock, valued at approximately $4,408,941.48. This represents a 4.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 owned 11,154 shares of the company's stock, valued at $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 9,329 shares of company stock valued at $513,216. 0.55% of the stock is currently owned by corporate insiders.

IonQ Stock Performance

NYSE:IONQ opened at $44.95 on Friday. The stock has a market capitalization of $17.13 billion, a P/E ratio of -9.65 and a beta of 3.28. The company has a 50 day moving average price of $44.36 and a 200 day moving average price of $43.17. IonQ, Inc. has a fifty-two week low of $25.89 and a fifty-two week high of $84.64.

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