Modus Advisors LLC Buys New Shares in IonQ, Inc. $IONQ

Key Points

• Modus Advisors LLC acquired new shares in IonQ, purchasing 5,100 shares valued at approximately $219,000 in the second quarter, which reflects growing interest from institutional investors.
• IonQ reported a 81.6% year-over-year increase in quarterly revenue, although it still posted an earnings miss with a loss of ($0.70) earnings per share.
• Research analysts have generally given IonQ a consensus rating of "Moderate Buy" with a target price of $46.78, indicating potential growth potential despite some insider sell-offs.

Modus Advisors LLC bought a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,100 shares of the company's stock, valued at approximately $219,000.

Several other hedge funds have also made changes to their positions in the stock. Future Financial Wealth Managment LLC lifted its stake in shares of IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after buying an additional 500 shares during the period. Miracle Mile Advisors LLC lifted its stake in shares of IonQ by 2.5% in the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock valued at $452,000 after buying an additional 500 shares during the period. Signaturefd LLC lifted its stake in shares of IonQ by 20.7% in the first quarter. Signaturefd LLC now owns 4,048 shares of the company's stock valued at $89,000 after buying an additional 694 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of IonQ by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company's stock valued at $36,000 after buying an additional 808 shares during the period. Finally, ORG Partners LLC lifted its stake in shares of IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after buying an additional 870 shares during the period. Institutional investors own 41.42% of the company's stock.

IonQ Trading Up 18.4%

NYSE IONQ opened at $55.72 on Friday. The firm has a market cap of $16.54 billion, a price-to-earnings ratio of -27.72 and a beta of 2.54. The company has a 50 day moving average of $42.33 and a 200-day moving average of $35.06. IonQ, Inc. has a 1-year low of $7.40 and a 1-year high of $56.07.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data 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 quarterly revenue was up 81.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.18) EPS. On average, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on IONQ shares. Benchmark raised their price target on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. B. Riley started coverage on shares of IonQ in a research note on Wednesday, August 27th. They set a "buy" rating and a $61.00 price target for the company. Sanford C. Bernstein started coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. Oppenheimer assumed coverage on shares of IonQ in a research note on Wednesday, July 30th. They set an "outperform" rating for the company. Finally, Wolfe Research assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They set a "peer perform" rating for the company. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.78.

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 19,976 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $886,934.40. Following the completion of the sale, the executive owned 532,616 shares of the company's stock, valued at $23,648,150.40. This trade represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kathryn K. Chou sold 6,789 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $43.14, for a total transaction of $292,877.46. Following the completion of the sale, the director directly owned 60,839 shares of the company's stock, valued at approximately $2,624,594.46. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,547,518 shares of company stock valued at $254,180,433 over the last quarter. Company insiders own 5.20% of the company's stock.

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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