JPMorgan Chase & Co. Purchases 2,317,058 Shares of IonQ, Inc. $IONQ

Key Points

• JPMorgan Chase & Co. increased its stake in IonQ by 648.5% in Q2, buying 2,317,058 shares to hold 2,674,348 shares (about 1.02% of the company) valued at roughly $114.9 million.
• Quarterly results missed expectations—IonQ reported EPS of ($3.58) vs. estimates of ($0.44) while revenue rose 221.5% to $39.87 million, but the company still has deeply negative net margin and return on equity.
• Analysts have raised price targets (some up to $100) but the consensus rating remains "Hold" with an average target of $66; insiders sold about 213,622 shares (~$9.62M) recently and institutional ownership is ~41.4%.

JPMorgan Chase & Co. raised its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 648.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,674,348 shares of the company's stock after purchasing an additional 2,317,058 shares during the period. JPMorgan Chase & Co. owned approximately 1.02% of IonQ worth $114,917,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the stock. SVB Wealth LLC purchased a new position in shares of IonQ during the 1st quarter worth $35,000. Atlantic Union Bankshares Corp bought a new position in IonQ in the 2nd quarter worth approximately $39,000. TD Waterhouse Canada Inc. grew its position in IonQ by 28.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock worth $40,000 after acquiring an additional 223 shares in the last quarter. Huntington National Bank increased its position in IonQ by 2,034.0% during the second quarter. Huntington National Bank now owns 1,003 shares of the company's stock valued at $43,000 after acquiring an additional 956 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in IonQ in the second quarter worth $46,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Stock Down 0.4%

Shares of NYSE IONQ opened at $46.87 on Friday. The stock's fifty day simple moving average is $61.06 and its 200 day simple moving average is $48.71. The stock has a market capitalization of $16.28 billion, a price-to-earnings ratio of -8.76 and a beta of 2.59. IonQ, Inc. has a 52-week low of $17.88 and a 52-week high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.44) by ($3.14). The firm had revenue of $39.87 million for the quarter, compared to analyst estimates of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The firm's revenue was up 221.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.24) EPS. IonQ has set its FY 2025 guidance at EPS. As a group, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on IonQ from $32.00 to $58.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 4th. Cantor Fitzgerald upped their price target on IonQ from $60.00 to $70.00 and gave the company an "overweight" rating in a research note on Friday, November 7th. Rosenblatt Securities lifted their target price on IonQ from $70.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of IonQ in a research note on Wednesday, October 8th. Finally, B. Riley upped their price objective on IonQ from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $66.00.

Insiders Place Their Bets

In other IonQ news, insider Robert T. Cardillo sold 8,773 shares of IonQ stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the transaction, the insider owned 37,436 shares of the company's stock, valued at $1,891,266.72. The trade was a 18.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Masi Niccolo De sold 16,120 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $715,728.00. Following the completion of the transaction, the chief executive officer owned 1,181,186 shares in the company, valued at $52,444,658.40. This represents a 1.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 213,622 shares of company stock valued at $9,620,896 over the last quarter. 5.20% of the stock is owned by insiders.

IonQ Company 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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