Levin Capital Strategies L.P. Has $359,000 Stake in IonQ, Inc. (NYSE:IONQ)

Key Points

• Levin Capital Strategies L.P. reduced its stake in IonQ, Inc. by 55.2%, holding 16,250 shares valued at approximately $359,000 after selling 19,986 shares in the first quarter.
• Multiple institutional investors increased their positions in IonQ during the fourth quarter, with Norges Bank acquiring a new position worth about $6,097,000.
• IonQ's CFO recently sold 216,000 shares at an average price of $38.11, representing a significant decrease in their ownership, amid insiders selling a total of 9.2 million shares in the last 90 days.

Levin Capital Strategies L.P. reduced its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 55.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,250 shares of the company's stock after selling 19,986 shares during the quarter. Levin Capital Strategies L.P.'s holdings in IonQ were worth $359,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sei Investments Co. acquired a new position in shares of IonQ during the 4th quarter worth $1,255,000. LPL Financial LLC grew its position in IonQ by 9.1% in the fourth quarter. LPL Financial LLC now owns 131,846 shares of the company's stock valued at $5,507,000 after acquiring an additional 10,982 shares during the last quarter. Norges Bank bought a new position in IonQ in the fourth quarter valued at about $6,097,000. O Shaughnessy Asset Management LLC acquired a new position in IonQ during the fourth quarter worth about $330,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of IonQ by 11.7% in the fourth quarter. Alliancebernstein L.P. now owns 243,581 shares of the company's stock worth $10,174,000 after acquiring an additional 25,471 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. DA Davidson reduced their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Benchmark increased their price objective on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Cantor Fitzgerald initiated coverage on shares of IonQ in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price on the stock. Sanford C. Bernstein started coverage on shares of IonQ in a report on Wednesday, July 30th. They set a "market perform" rating for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $50.00 price target on shares of IonQ in a research note on Wednesday, June 11th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, IonQ presently has an average rating of "Moderate Buy" and an average price target of $45.00.

Insider Buying and Selling

In related news, CFO Thomas G. Kramer sold 216,000 shares of IonQ stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $38.11, for a total value of $8,231,760.00. Following the transaction, the chief financial officer directly owned 718,516 shares of the company's stock, valued at $27,382,644.76. The trade was a 23.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Hume Chapman sold 3,581,193 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were 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 $14,883,244.77. The trade was a 90.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,191,850 shares of company stock valued at $360,519,930 over the last 90 days. 5.20% of the stock is owned by corporate insiders.

IonQ Price Performance

IONQ opened at $39.92 on Tuesday. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The company's 50 day moving average price is $41.69 and its two-hundred day moving average price is $34.26. The firm has a market capitalization of $10.44 billion, a price-to-earnings ratio of -26.79 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. IonQ's revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, equities research analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

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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