Wolverine Asset Management LLC Acquires 10,522 Shares of IonQ, Inc. (NYSE:IONQ)

Key Points

• Wolverine Asset Management LLC significantly increased its stake in IonQ by 352.4%, acquiring an additional 10,522 shares, bringing its total holdings to 13,508 shares valued at approximately $298,000.
• IonQ's stock has seen bullish analyst ratings, with Morgan Stanley and Benchmark both raising their price targets, the latter now set at $55.00 with a "buy" rating.
• Despite a negative earnings report showing a loss of ($0.70) per share, IonQ's revenue increased by 81.6% year-over-year, highlighting strong growth potential in the quantum computing sector.

Wolverine Asset Management LLC lifted its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 352.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,508 shares of the company's stock after purchasing an additional 10,522 shares during the quarter. Wolverine Asset Management LLC's holdings in IonQ were worth $298,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. ORG Partners LLC lifted 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 purchasing an additional 870 shares during the period. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ during the fourth quarter worth $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ during the fourth quarter worth $33,000. Future Financial Wealth Managment LLC lifted its holdings in shares of IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after purchasing an additional 500 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in shares of IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after purchasing an additional 1,295 shares during the period. 41.42% of the stock is owned by institutional investors.

IonQ Price Performance

Shares of NYSE:IONQ traded down $1.94 during trading on Tuesday, reaching $43.00. The company had a trading volume of 20,763,619 shares, compared to its average volume of 20,926,962. The company has a fifty day moving average of $41.51 and a two-hundred day moving average of $34.27. IonQ, Inc. has a 12 month low of $6.54 and a 12 month high of $54.74.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates 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 return on equity of 67.11% and a negative net margin of 885.21%. IonQ's quarterly revenue was up 81.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.18) EPS. On average, equities research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 45,000 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the completion of the sale, the executive owned 552,592 shares of the company's stock, valued at $25,518,698.56. This represents a 7.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas G. Kramer sold 17,776 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $41.28, for a total transaction of $733,793.28. Following the sale, the chief financial officer directly owned 537,880 shares of the company's stock, valued at $22,203,686.40. The trade was a 3.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,209,626 shares of company stock worth $361,253,723 over the last 90 days. Company insiders own 5.20% of the company's stock.

Analyst Ratings Changes

IONQ has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Oppenheimer assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They set an "outperform" rating on the stock. Needham & Company LLC restated a "buy" rating on shares of IonQ in a report on Monday, August 4th. Rosenblatt Securities assumed coverage on shares of IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price target on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of IonQ in a report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $45.00.

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.