Harbor Capital Advisors Inc. Invests $2.21 Million in IonQ, Inc. $IONQ

Key Points

• Harbor Capital Advisors Inc. has invested approximately $2.21 million in IonQ, purchasing 51,485 shares during the 2nd quarter.
• IonQ reported a revenue of $20.69 million for the last quarter, exceeding expectations and showing an 81.6% increase compared to the previous year.
• Analysts have varied ratings for IonQ, with seven analysts giving it a Buy rating and a consensus price target of $55.56.

Harbor Capital Advisors Inc. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 51,485 shares of the company's stock, valued at approximately $2,212,000.

Several other institutional investors also recently modified their holdings of IONQ. ORG Partners LLC increased its holdings in shares of IonQ by 348.0% during the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after buying an additional 870 shares in the last quarter. Future Financial Wealth Managment LLC increased its holdings in IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares during the period. Farther Finance Advisors LLC increased its holdings in IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after purchasing an additional 1,295 shares during the period. Close Asset Management Ltd acquired a new stake in IonQ in the first quarter valued at $35,000. Finally, SVB Wealth LLC acquired a new stake in IonQ in the first quarter valued at $35,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Stock Performance

Shares of NYSE IONQ opened at $65.25 on Thursday. IonQ, Inc. has a fifty-two week low of $7.50 and a fifty-two week high of $66.39. The stock has a market cap of $19.37 billion, a price-to-earnings ratio of -32.46 and a beta of 2.54. The firm's 50-day simple moving average is $43.34 and its 200 day simple moving average is $35.76.

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

Analyst Ratings Changes

A number of analysts recently weighed in on IONQ shares. Wolfe Research started coverage on IonQ in a report on Wednesday, July 30th. They issued a "peer perform" rating for the company. Rosenblatt Securities restated a "buy" rating and issued a $70.00 price objective on shares of IonQ in a report on Monday. Needham & Company LLC increased their price objective on IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a report on Monday. Oppenheimer began coverage on IonQ in a report on Wednesday, July 30th. They issued an "outperform" rating for the company. Finally, B. Riley upped their price target on shares of IonQ from $61.00 to $75.00 and gave the company a "buy" rating in a research report on Monday. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.56.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 64,578 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total value of $2,700,651.96. Following the completion of the sale, the chief financial officer owned 473,302 shares in the company, valued at approximately $19,793,489.64. This trade represents a 12.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 19,976 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the sale, the executive owned 532,616 shares of the company's stock, valued at approximately $23,648,150.40. This trade represents a 3.61% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,848,358 shares of company stock worth $75,433,239. Company insiders own 5.20% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.