IPG Investment Advisors LLC Raises Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Key Points

• IPG Investment Advisors LLC increased its stake in IonQ, Inc. by 79.4%, holding 32,075 shares valued at around $708,000 as of the latest SEC filing.
• IonQ reported an earnings per share of ($0.14) for the quarter, exceeding estimates, while the company's revenue of $7.57 million showed a slight decline compared to the previous year.
• Recent analyst ratings indicate a consensus of Moderate Buy for IonQ, with price targets ranging from $35.00 to $70.00.

IPG Investment Advisors LLC increased its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 79.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,075 shares of the company's stock after acquiring an additional 14,200 shares during the quarter. IPG Investment Advisors LLC's holdings in IonQ were worth $708,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of IONQ. ORG Partners LLC grew its position in shares of IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after acquiring an additional 870 shares during the period. Measured Risk Portfolios Inc. purchased a new position in IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new position in IonQ in the fourth quarter valued at approximately $33,000. Future Financial Wealth Managment LLC grew its holdings in IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares during the period. Finally, Farther Finance Advisors LLC increased its position in IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after buying an additional 1,295 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

IonQ Trading Down 4.3%

Shares of IonQ stock opened at $38.14 on Monday. The company's 50-day moving average price is $41.81 and its 200-day moving average price is $34.25. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74. The company has a market cap of $9.98 billion, a price-to-earnings ratio of -25.60 and a beta of 2.54.

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. DA Davidson dropped their price target on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wolfe Research started coverage on shares of IonQ in a report on Wednesday. They set a "peer perform" rating on the stock. Benchmark increased their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Sanford C. Bernstein began coverage on shares of IonQ in a research report on Wednesday. They issued a "market perform" rating on the stock. Finally, Rosenblatt Securities began coverage on shares of IonQ in a research note on Tuesday, July 29th. They set a "buy" rating and a $70.00 price target on the stock. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, IonQ presently has a consensus rating of "Moderate Buy" and an average price target of $45.00.

Insiders Place Their Bets

In related news, insider Peter Hume Chapman sold 1,497,311 shares of IonQ stock in a transaction on Friday, June 20th. The stock was sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the completion of the sale, the insider owned 390,329 shares of the company's stock, valued at approximately $15,585,836.97. This trade represents a 79.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn K. Chou sold 6,789 shares of the business's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $43.14, for a total value of $292,877.46. Following the transaction, the director owned 60,839 shares of the company's stock, valued at approximately $2,624,594.46. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,191,850 shares of company stock worth $360,519,930. 5.20% of the stock is currently owned by corporate 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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