McGuire Investment Group LLC Buys 95,723 Shares of IonQ, Inc. $IONQ

Key Points

• McGuire Investment Group LLC increased its stake in IonQ, Inc. by 136.8% in Q2, owning 165,716 shares valued at approximately $7.12 million.
• IonQ reported a revenue increase of 81.6% year-over-year, with a quarterly revenue of $20.69 million, but missed earnings expectations with a loss of $0.70 per share.
• Wall Street analysts have a consensus rating of "Moderate Buy" for IonQ, with price target estimates ranging from $58.33 to $100.00.

McGuire Investment Group LLC raised its stake in IonQ, Inc. (NYSE:IONQ - Free Report) by 136.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 165,716 shares of the company's stock after purchasing an additional 95,723 shares during the quarter. McGuire Investment Group LLC owned approximately 0.06% of IonQ worth $7,121,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. PFG Investments LLC bought a new position in IonQ in the second quarter valued at approximately $281,000. Truist Financial Corp grew its stake in IonQ by 58.3% in the second quarter. Truist Financial Corp now owns 17,563 shares of the company's stock valued at $755,000 after purchasing an additional 6,471 shares in the last quarter. Union Bancaire Privee UBP SA grew its stake in IonQ by 8,150.0% in the second quarter. Union Bancaire Privee UBP SA now owns 82,500 shares of the company's stock valued at $3,545,000 after purchasing an additional 81,500 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in IonQ by 9.1% in the second quarter. Janney Montgomery Scott LLC now owns 29,989 shares of the company's stock valued at $1,289,000 after purchasing an additional 2,513 shares in the last quarter. Finally, Avior Wealth Management LLC acquired a new stake in shares of IonQ in the second quarter valued at approximately $217,000. 41.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Oppenheimer assumed coverage on IonQ in a research report on Wednesday, July 30th. They issued an "outperform" rating for the company. Benchmark raised their price objective on IonQ from $55.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 price objective on shares of IonQ in a research report on Monday, September 15th. Wolfe Research assumed coverage on IonQ in a research report on Wednesday, July 30th. They issued a "peer perform" rating for the company. Finally, B. Riley raised their price objective on IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $58.33.

IonQ Trading Up 2.8%

NYSE:IONQ opened at $63.23 on Thursday. The stock has a market cap of $18.77 billion, a P/E ratio of -31.46 and a beta of 2.60. The stock has a 50 day simple moving average of $48.28 and a 200 day simple moving average of $39.00. IonQ, Inc. has a 1-year low of $7.99 and a 1-year high of $76.13.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The firm had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The business's revenue for the quarter was up 81.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.18) earnings per share. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other IonQ news, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction on Thursday, September 11th. The stock was 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 directly owned 1,181,186 shares of the company's stock, valued at $52,444,658.40. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 45,000 shares of IonQ stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.18, for a total value of $2,078,100.00. Following the completion of the transaction, the executive directly owned 552,592 shares of the company's stock, valued at $25,518,698.56. This represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 279,047 shares of company stock worth $12,602,891. Corporate insiders own 5.20% of the company's stock.

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.

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