Geode Capital Management LLC Raises Stake in IonQ, Inc. $IONQ

Key Points

• Geode Capital Management increased its IonQ stake by 21.9% in the fourth quarter, ending with 8.07 million shares worth about $361.6 million, or roughly 2.32% of the company.
• Institutional interest remains strong, with several firms such as Royal Bank of Canada, AQR Capital Management, and UBS Asset Management also boosting positions; hedge funds and other institutions now own 41.42% of IonQ.
• IonQ reported quarterly revenue of $64.67 million, beating estimates, but posted a wider-than-expected loss of $0.34 per share. Analysts currently hold a Moderate Buy consensus with a $68.63 price target, though insider sales were also disclosed.

Geode Capital Management LLC grew its stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 21.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,074,301 shares of the company's stock after purchasing an additional 1,452,463 shares during the period. Geode Capital Management LLC owned approximately 2.32% of IonQ worth $361,624,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada boosted its position in shares of IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company's stock worth $2,962,000 after buying an additional 14,898 shares in the last quarter. Amundi purchased a new stake in shares of IonQ in the 1st quarter worth about $630,000. AQR Capital Management LLC boosted its position in shares of IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company's stock worth $1,265,000 after buying an additional 29,513 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock worth $9,932,000 after buying an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth boosted its position in shares of IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock worth $1,032,000 after buying an additional 10,881 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IONQ has been the topic of several recent research reports. Jefferies Financial Group set a $85.00 price objective on shares of IonQ in a research report on Thursday, May 7th. Morgan Stanley set a $48.50 price objective on shares of IonQ in a research report on Thursday, May 7th. DA Davidson decreased their price objective on shares of IonQ from $55.00 to $35.00 and set a "neutral" rating on the stock in a research report on Thursday, February 26th. Northland Securities initiated coverage on shares of IonQ in a research report on Monday, April 20th. They issued an "outperform" rating and a $55.00 price objective on the stock. Finally, Weiss Ratings upgraded shares of IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Monday, May 11th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.63.

Insider Transactions at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares of the company's stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the sale, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.20% of the company's stock.

IonQ Trading Down 3.8%

Shares of IONQ stock opened at $69.35 on Tuesday. The firm has a 50-day moving average price of $44.51 and a 200 day moving average price of $43.66. 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 $25.89 billion, a price-to-earnings ratio of -247.68 and a beta of 3.18.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. During the same period in the previous year, the firm posted ($0.14) EPS. The company's revenue for the quarter was up 754.7% compared to the same quarter last year. As a group, research analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

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. 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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