IonQ, Inc. $IONQ Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in IonQ, Inc. by 4.0%, selling 78,144 shares during the first quarter, leaving it with 1,856,481 shares valued at approximately $40.97 million.
• IonQ, Inc. recently received multiple upgrades from analysts, with B. Riley setting a price target of $61.00, while Morgan Stanley increased their target from $29.00 to $30.00.
• IonQ reported a net loss of ($0.70) per share for the last quarter, missing estimates, despite a significant revenue increase of 81.6% year-over-year, totaling $20.69 million.

Northern Trust Corp reduced its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,856,481 shares of the company's stock after selling 78,144 shares during the quarter. Northern Trust Corp owned 0.83% of IonQ worth $40,973,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of IONQ. Cetera Investment Advisers raised its position in IonQ by 120.0% during the fourth quarter. Cetera Investment Advisers now owns 34,033 shares of the company's stock worth $1,422,000 after acquiring an additional 18,566 shares during the period. GAMMA Investing LLC lifted its position in shares of IonQ by 4,683.1% in the first quarter. GAMMA Investing LLC now owns 54,336 shares of the company's stock valued at $1,199,000 after acquiring an additional 53,200 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of IonQ by 54.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,735 shares of the company's stock valued at $203,000 after acquiring an additional 3,068 shares in the last quarter. Stratos Wealth Partners LTD. boosted its stake in shares of IonQ by 15.7% in the first quarter. Stratos Wealth Partners LTD. now owns 20,740 shares of the company's stock worth $458,000 after acquiring an additional 2,814 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in IonQ by 6.6% in the 1st quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock valued at $7,149,000 after purchasing an additional 20,127 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company's stock.

Insider Buying and Selling at IonQ

In related news, insider Peter Hume Chapman sold 3,581,193 shares of the business's stock in a transaction dated 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 completion of the sale, the insider owned 390,329 shares of the company's stock, valued at $14,883,244.77. This represents a 90.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 216,000 shares of IonQ stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $38.11, for a total transaction of $8,231,760.00. Following the completion of the sale, the chief financial officer owned 718,516 shares in the company, valued at approximately $27,382,644.76. This represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,209,626 shares of company stock valued at $361,253,723. Corporate insiders own 5.20% of the company's stock.

IonQ Price Performance

NYSE IONQ traded down $0.55 on Monday, reaching $42.75. The company had a trading volume of 11,478,074 shares, compared to its average volume of 17,702,028. The firm has a market capitalization of $12.69 billion, a PE ratio of -21.27 and a beta of 2.54. The firm has a 50-day moving average of $41.83 and a 200-day moving average of $34.31. IonQ, Inc. has a 1 year low of $6.54 and a 1 year high of $54.74.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The business had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. 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 company earned ($0.18) earnings per share. As a group, sell-side analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IONQ. Morgan Stanley boosted their target price on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Rosenblatt Securities began coverage on shares of IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price target for the company. Wolfe Research assumed coverage on IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating on the stock. Needham & Company LLC reissued a "buy" rating on shares of IonQ in a research note on Monday, August 4th. Finally, Sanford C. Bernstein assumed coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating on the stock. Seven 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.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $46.78.

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.