Gulf International Bank UK Ltd Buys Shares of 16,164 IonQ, Inc. $IONQ

Key Points

• Gulf International Bank UK Ltd disclosed a new stake in IonQ during the fourth quarter, buying 16,164 shares valued at about $725,000.
• Institutional interest in IonQ remains strong, with several other funds adding to positions and institutions/hedge funds now owning 41.42% of the company.
• Analysts currently view IonQ as a Moderate Buy overall, with a consensus price target of $68.63, while the stock recently traded near $72.07 after strong revenue growth in the latest quarter.

Gulf International Bank UK Ltd acquired a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 16,164 shares of the company's stock, valued at approximately $725,000.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in IonQ by 12.5% during the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company's stock worth $2,962,000 after acquiring an additional 14,898 shares during the last quarter. Amundi bought a new stake in IonQ in the first quarter valued at approximately $630,000. AQR Capital Management LLC raised its holdings in IonQ by 106.2% in the first quarter. AQR Capital Management LLC now owns 57,305 shares of the company's stock worth $1,265,000 after purchasing an additional 29,513 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of IonQ by 24.1% during the first 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 purchasing an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth boosted its position in shares of IonQ by 30.3% during the first quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock worth $1,032,000 after purchasing an additional 10,881 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 target price on shares of IonQ in a research note on Thursday, February 26th. Benchmark dropped their price target on IonQ from $75.00 to $65.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. DA Davidson cut their price objective on IonQ from $55.00 to $35.00 and set a "neutral" rating on the stock in a report on Thursday, February 26th. Cantor Fitzgerald reiterated an "overweight" rating on shares of IonQ in a research report on Monday, February 9th. Finally, Wall Street Zen raised IonQ from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $68.63.

IonQ Price Performance

IonQ stock opened at $72.07 on Friday. The company has a market cap of $26.90 billion, a price-to-earnings ratio of -257.38 and a beta of 3.05. The firm has a 50-day moving average of $43.76 and a 200-day moving average of $43.63. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64.

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

Insider Buying and Selling

In other IonQ news, insider John W. Raymond sold 2,800 shares of the business's 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 transaction, the insider owned 83,963 shares of the company's stock, valued at $2,799,326.42. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert T. Cardillo sold 3,773 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following 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 disclosure for this sale is available in the SEC filing. 5.20% of the stock is owned by company insiders.

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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