Handelsbanken Fonder AB Boosts Stake in IonQ, Inc. $IONQ

Key Points

• Handelsbanken Fonder increased its IonQ stake by 41.2% in the second quarter, purchasing 38,000 additional shares and bringing its holdings to 130,200 shares valued at $6.93 million. Institutional investors and hedge funds collectively own 41.42% of IonQ.
• IonQ reported a quarterly loss of $0.33 per share, better than the expected $0.56 loss, while revenue reached $80.05 million, up 286.7% year over year and above estimates.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $69.92, although insiders sold 9,329 shares worth approximately $513,216 over the past 90 days.

Handelsbanken Fonder AB raised its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 41.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,200 shares of the company's stock after purchasing an additional 38,000 shares during the quarter. Handelsbanken Fonder AB's holdings in IonQ were worth $6,934,000 at the end of the most recent quarter.

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

IonQ Stock Up 3.0%

Shares of IonQ stock opened at $46.35 on Friday. The business has a 50-day moving average price of $45.79 and a 200 day moving average price of $43.15. IonQ, Inc. has a fifty-two week low of $25.89 and a fifty-two week high of $84.64. The firm has a market cap of $17.66 billion, a P/E ratio of -9.95 and a beta of 3.28.

IonQ (NYSE:IONQ - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping analysts' consensus estimates of ($0.56) by $0.23. The company had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.IonQ's quarterly revenue was up 286.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.70) EPS. As a group, equities research analysts anticipate that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Buying and Selling

In other IonQ news, Director Kathryn K. Chou sold 2,757 shares of IonQ stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the transaction, the director owned 62,608 shares of the company's stock, valued at $3,444,692.16. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider John W. Raymond sold 3,815 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the sale, the insider owned 80,148 shares of the company's stock, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,329 shares of company stock worth $513,216 over the last ninety days. 0.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IONQ shares. Northland Securities raised their target price on shares of IonQ from $55.00 to $70.00 and gave the company an "outperform" rating in a research note on Monday, June 22nd. Morgan Stanley set a $49.00 price target on IonQ in a report on Thursday, August 6th. Wall Street Zen lowered IonQ from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Rosenblatt Securities restated a "buy" rating and set a $100.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of IonQ in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $69.92.

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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