IFP Advisors Inc Increases Holdings in IonQ, Inc. $IONQ

Key Points

• IFP Advisors Inc increased its holdings in IonQ by a remarkable 7,050.3% in Q2, owning nearly 32,000 shares worth approximately $1.38 million.
• IonQ's recent quarterly earnings report showed a revenue increase of 81.6% year-over-year, but a loss of ($0.70) per share, significantly missing analysts' expectations.
• Several research firms have upgraded IonQ's stock ratings, with B. Riley setting a new price target of $100.00, while the current consensus rating is a "Hold" with an average target price of $58.33.

IFP Advisors Inc increased its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 7,050.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,962 shares of the company's stock after buying an additional 31,515 shares during the quarter. IFP Advisors Inc's holdings in IonQ were worth $1,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of IONQ. ORG Partners LLC raised its stake 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 acquiring an additional 870 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of IonQ by 780.1% during the 1st 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 last quarter. Close Asset Management Ltd purchased a new position in IonQ in the 1st quarter worth $35,000. SVB Wealth LLC bought a new stake in IonQ in the first quarter worth $35,000. Finally, Golden State Wealth Management LLC boosted its position in IonQ by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company's stock valued at $36,000 after buying an additional 808 shares during the period. 41.42% of the stock is currently owned by institutional investors.

IonQ Stock Performance

IONQ opened at $70.88 on Monday. The stock has a market capitalization of $21.04 billion, a PE ratio of -35.26 and a beta of 2.60. The stock's 50 day moving average price is $53.00 and its 200-day moving average price is $41.71. IonQ, Inc. has a 52-week low of $9.62 and a 52-week high of $82.97.

IonQ (NYSE:IONQ - Get Free Report) last released 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). The company had revenue of $20.69 million during the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The business's revenue was up 81.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.18) EPS. Research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IONQ. B. Riley lifted their price objective on IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Wolfe Research assumed coverage on IonQ in a research note on Wednesday, July 30th. They issued a "peer perform" rating on the stock. Sanford C. Bernstein assumed coverage on IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. DA Davidson cut shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price on the stock. in a report on Thursday, August 7th. Finally, Zacks Research cut shares of IonQ from a "hold" rating to a "strong sell" rating in a research report on Monday, October 6th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, IonQ currently has a consensus rating of "Hold" and an average target price of $58.33.

Insider Activity

In related news, CRO Rima Alameddine sold 19,976 shares of the business's 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 transaction, the executive owned 532,616 shares in the company, valued at $23,648,150.40. The trade was a 3.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Masi Niccolo De sold 16,120 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $715,728.00. Following the completion of the sale, the chief executive officer owned 1,181,186 shares of the company's stock, valued at $52,444,658.40. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 178,876 shares of company stock worth $7,930,390. 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.

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