Navellier & Associates Inc. Purchases New Position in IonQ, Inc. (NYSE:IONQ)

Key Points

• Navellier & Associates Inc. has acquired a new position in IonQ, Inc., purchasing 19,942 shares valued at approximately $440,000.
• Several institutional investors have increased their holdings in IonQ during the 4th quarter, with JPMorgan Chase & Co. making a notable acquisition of 2,293,231 shares, representing a 1,310.9% increase.
• IonQ reported a quarterly EPS of ($0.14), surpassing analysts' estimates, although it still faces negative metrics, including a net margin of 753.20%.

Navellier & Associates Inc. purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 19,942 shares of the company's stock, valued at approximately $440,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in IONQ. Vanguard Group Inc. grew its holdings in IonQ by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock worth $892,797,000 after acquiring an additional 125,144 shares during the last quarter. Geode Capital Management LLC grew its holdings in IonQ by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after acquiring an additional 45,942 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after acquiring an additional 2,293,231 shares during the last quarter. Northern Trust Corp grew its holdings in IonQ by 12.6% during the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock worth $80,809,000 after acquiring an additional 216,752 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in IonQ by 439.3% during the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company's stock worth $35,800,000 after acquiring an additional 698,146 shares during the last quarter. 41.42% of the stock is owned by institutional investors.

IonQ Stock Performance

NYSE:IONQ opened at $43.07 on Friday. The firm's fifty day moving average is $41.70 and its 200-day moving average is $33.99. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The firm has a market cap of $11.27 billion, a P/E ratio of -28.90 and a beta of 2.55.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. During the same period in the prior year, the firm posted ($0.19) EPS. The company's quarterly revenue was down .2% on a year-over-year basis. As a group, sell-side analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In related news, insider Peter Hume Chapman sold 3,581,193 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.13, for a total transaction of $136,550,889.09. Following the transaction, the insider owned 390,329 shares in the company, valued at $14,883,244.77. The trade was a 90.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Masi Niccolo De sold 2,597,500 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total transaction of $104,783,150.00. Following the transaction, the chief executive officer owned 711,987 shares in the company, valued at $28,721,555.58. The trade was a 78.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,191,850 shares of company stock worth $360,519,930 over the last quarter. 5.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on IONQ shares. Morgan Stanley boosted their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Benchmark boosted their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Cantor Fitzgerald started coverage on shares of IonQ in a report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price on the stock. Needham & Company LLC reissued a "buy" rating and set a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Finally, DA Davidson reduced their price objective 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. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.43.

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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