Ilmarinen Mutual Pension Insurance Co Buys New Position in IonQ, Inc. $IONQ

Key Points

• Ilmarinen Mutual Pension Insurance Co initiated a new position in IonQ, buying 63,058 shares valued at about $2.83 million in the fourth quarter.
• IonQ reported strong revenue growth in its latest quarterly results, with revenue of $64.67 million, up 754.7% from a year earlier, though it still posted a loss of $0.34 per share and missed EPS expectations.
• Analysts remain generally bullish on the stock, with IonQ holding an average rating of Moderate Buy and a consensus price target of $68.63, despite mixed recent target changes and insider sales.

Ilmarinen Mutual Pension Insurance Co bought a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 63,058 shares of the company's stock, valued at approximately $2,829,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IONQ. Ameriflex Group Inc. raised its holdings in shares of IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock valued at $25,000 after acquiring an additional 340 shares in the last quarter. Accent Capital Management LLC raised its holdings in shares of IonQ by 171.8% during the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company's stock valued at $26,000 after acquiring an additional 371 shares in the last quarter. Fortitude Family Office LLC raised its holdings in shares of IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock valued at $28,000 after acquiring an additional 608 shares in the last quarter. UMB Bank n.a. bought a new position in shares of IonQ during the third quarter valued at approximately $31,000. Finally, Beaird Harris Wealth Management LLC raised its holdings in shares of IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock valued at $31,000 after acquiring an additional 270 shares in the last quarter. Institutional investors own 41.42% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Jefferies Financial Group set a $85.00 price objective on IonQ in a report on Thursday, May 7th. Weiss Ratings upgraded IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. Cantor Fitzgerald reiterated an "overweight" rating on shares of IonQ in a report on Monday, February 9th. DA Davidson cut their target price on IonQ from $55.00 to $35.00 and set a "neutral" rating on the stock in a research note on Thursday, February 26th. Finally, Wall Street Zen upgraded IonQ from a "strong sell" rating to a "sell" rating in a report on Saturday, May 23rd. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $68.63.

IonQ Price Performance

Shares of NYSE:IONQ opened at $72.07 on Friday. IonQ, Inc. has a 1-year low of $25.89 and a 1-year high of $84.64. The business has a fifty day moving average price of $43.76 and a 200-day moving average price of $43.63. The company has a market capitalization of $26.90 billion, a PE ratio of -257.38 and a beta of 3.05.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly 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 company had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. During the same quarter in the previous year, the business earned ($0.14) earnings per share. IonQ's revenue was up 754.7% compared to the same quarter last year. On average, sell-side analysts anticipate that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the firm's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the transaction, the insider directly owned 139,967 shares of the company's stock, valued at approximately $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John W. Raymond sold 2,800 shares of the firm's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 5.20% of the company's stock.

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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