IonQ, Inc. $IONQ Stock Position Increased by Legal & General Group Plc

Key Points

• Legal & General Group Plc increased its IonQ stake by 48.5% in the fourth quarter, buying 444,612 additional shares and bringing its total holding to 1,361,858 shares worth about $61.1 million.
• Other institutions also added to or initiated positions in IonQ, and overall institutional ownership now stands at 41.42% of the stock.
• Analysts remain broadly positive on IonQ, with a consensus rating of Moderate Buy and an average price target of $68.63, even as the company reported a quarterly EPS miss alongside strong revenue growth.

Legal & General Group Plc boosted its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 48.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,361,858 shares of the company's stock after purchasing an additional 444,612 shares during the quarter. Legal & General Group Plc owned about 0.39% of IonQ worth $61,107,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. HBK Sorce Advisory LLC lifted its position in IonQ by 12.6% in the 4th quarter. HBK Sorce Advisory LLC now owns 20,732 shares of the company's stock valued at $930,000 after purchasing an additional 2,326 shares during the last quarter. Swedbank AB bought a new stake in IonQ in the 4th quarter valued at about $2,708,000. Accent Capital Management LLC lifted its position in IonQ by 171.8% in the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company's stock valued at $26,000 after purchasing an additional 371 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in IonQ in the 4th quarter valued at about $3,271,000. Finally, Axxcess Wealth Management LLC bought a new stake in IonQ in the 4th quarter valued at about $230,000. 41.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on IONQ shares. Jefferies Financial Group set a $85.00 price objective on shares of IonQ in a research report on Thursday, May 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $100.00 price objective on shares of IonQ in a research report on Thursday, February 26th. Wall Street Zen upgraded shares of IonQ from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. boosted their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Finally, Morgan Stanley set a $48.50 price target on shares of IonQ in a research report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $68.63.

IonQ Trading Up 2.7%

IONQ stock opened at $72.07 on Friday. IonQ, Inc. has a 52 week low of $25.89 and a 52 week high of $84.64. The company has a market capitalization of $26.90 billion, a price-to-earnings ratio of -257.38 and a beta of 3.05. The firm's 50-day moving average is $43.76 and its two-hundred day moving average is $43.63.

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

Insider Transactions at IonQ

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the business's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the sale, the insider directly owned 139,967 shares in the company, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John W. Raymond sold 2,800 shares of IonQ 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 completion of the transaction, the insider directly owned 83,963 shares in the company, valued at $2,799,326.42. This represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. 5.20% of the stock is currently owned by insiders.

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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