Hussman Strategic Advisors Inc. Purchases 73,500 Shares of IonQ, Inc. (NYSE:IONQ)

Hussman Strategic Advisors Inc. increased its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 233.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 105,000 shares of the company's stock after purchasing an additional 73,500 shares during the quarter. Hussman Strategic Advisors Inc.'s holdings in IonQ were worth $2,317,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after buying an additional 2,293,231 shares during the last quarter. Ameriprise Financial Inc. bought a new position in IonQ in the 4th quarter valued at approximately $29,519,000. Arrowstreet Capital Limited Partnership bought a new position in IonQ in the 4th quarter valued at approximately $29,513,000. Invesco Ltd. raised its holdings in IonQ by 439.3% in the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after buying an additional 698,146 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in IonQ by 475.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company's stock valued at $28,771,000 after buying an additional 569,061 shares during the last quarter. Institutional investors own 41.42% of the company's stock.

Insider Activity at IonQ

In other IonQ news, insider Peter Hume Chapman sold 3,581,193 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $38.13, for a total value of $136,550,889.09. Following the completion of the sale, the insider owned 390,329 shares in the company, valued at approximately $14,883,244.77. The trade was a 90.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn K. Chou sold 25,696 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.46, for a total value of $1,039,660.16. Following the transaction, the director owned 62,115 shares of the company's stock, valued at approximately $2,513,172.90. This represents a 29.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,144,372 shares of company stock valued at $358,255,229 in the last ninety days. Insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IONQ. DA Davidson decreased their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Cantor Fitzgerald began coverage on shares of IonQ in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price for the company. Benchmark increased their target price on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Needham & Company LLC reissued a "buy" rating and set a $50.00 target price on shares of IonQ in a research report on Wednesday, June 11th. Finally, Morgan Stanley increased their target price on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $41.43.

IonQ Trading Up 3.7%

Shares of IONQ traded up $1.64 during trading hours on Friday, reaching $46.48. The stock had a trading volume of 25,683,520 shares, compared to its average volume of 20,234,941. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The firm has a 50-day simple moving average of $40.70 and a 200 day simple moving average of $34.10. The company has a market capitalization of $12.16 billion, a price-to-earnings ratio of -31.19 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.14. The business had revenue of $7.57 million for the quarter, compared to analysts' expectations of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The business's revenue was down .2% on a year-over-year basis. During the same period last year, the business earned ($0.19) EPS. On average, equities analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

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.