Orion Investment Co Has $6.12 Million Stock Position in IonQ, Inc. $IONQ

Key Points

• Orion Investment Co increased its stake in IonQ, Inc. by 16.4%, acquiring an additional 39,174 shares, making IonQ about 2.5% of their total holdings.
• IonQ recently reported a quarterly revenue of $20.69 million, surpassing expectations, but posted a significant earnings per share loss of ($0.70), missing the consensus estimate.
• Insiders at IonQ sold over 9 million shares worth approximately $361 million in the last three months, while only 5.20% of the stock is currently owned by company insiders.

Orion Investment Co increased its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 16.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 277,439 shares of the company's stock after acquiring an additional 39,174 shares during the quarter. IonQ accounts for about 2.5% of Orion Investment Co's holdings, making the stock its 14th largest position. Orion Investment Co owned approximately 0.12% of IonQ worth $6,123,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in IONQ. ORG Partners LLC raised its holdings in shares of IonQ by 348.0% during the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after acquiring an additional 870 shares during the period. Measured Risk Portfolios Inc. acquired a new stake in shares of IonQ during the fourth quarter valued at approximately $27,000. Future Financial Wealth Managment LLC raised its holdings in shares of IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after acquiring an additional 500 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after acquiring an additional 1,295 shares during the period. Finally, Close Asset Management Ltd acquired a new stake in shares of IonQ during the first quarter valued at approximately $35,000. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Price Performance

IONQ traded down $0.55 on Friday, reaching $42.75. 11,478,074 shares of the company traded hands, compared to its average volume of 18,126,410. The stock's 50 day moving average price is $41.83 and its 200-day moving average price is $34.34. IonQ, Inc. has a 52-week low of $6.54 and a 52-week high of $54.74. The company has a market cap of $12.69 billion, a price-to-earnings ratio of -21.27 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last posted 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%. IonQ's revenue was up 81.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.18) earnings per share. As a group, equities research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

IONQ has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of IonQ in a report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price target on the stock. B. Riley initiated coverage on shares of IonQ in a report on Wednesday. They set a "buy" rating and a $61.00 price target on the stock. Rosenblatt Securities initiated coverage on shares of IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating on shares of IonQ in a research report on Monday, August 4th. Finally, Wolfe Research initiated coverage on shares of IonQ in a research report on Wednesday, July 30th. They set a "peer perform" rating on the stock. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $46.78.

Insider Buying and Selling at IonQ

In other IonQ news, Director Kathryn K. Chou sold 6,789 shares of IonQ stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $43.14, for a total value of $292,877.46. Following the completion of the sale, the director directly owned 60,839 shares in the company, valued at $2,624,594.46. The trade was a 10.04% 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 1,497,311 shares of IonQ stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the completion of the sale, the insider owned 390,329 shares of the company's stock, valued at $15,585,836.97. This trade represents a 79.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,209,626 shares of company stock valued at $361,253,723 over the last three months. 5.20% of the stock is owned by insiders.

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.