Patriot Financial Group Insurance Agency LLC Raises Position in IonQ, Inc. $IONQ

Key Points

• Patriot Financial Group Insurance Agency LLC increased its IonQ stake by 155.3% in the first quarter, buying an additional 31,993 shares and bringing its total holdings to 52,600 shares worth about $1.52 million.
• Several other institutional investors also boosted positions in IonQ, and hedge funds and institutions now own 41.42% of the company’s stock.
• IonQ has seen mixed insider and operating signals: two directors sold shares in June, while the company’s latest quarter missed EPS estimates but posted strong revenue growth of 754.7% year over year; analysts currently rate the stock a Moderate Buy with an average price target of $69.88.

Patriot Financial Group Insurance Agency LLC lifted its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 155.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,600 shares of the company's stock after buying an additional 31,993 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in IonQ were worth $1,516,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in IONQ. Royal Bank of Canada raised its holdings in IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company's stock worth $2,962,000 after acquiring an additional 14,898 shares during the last quarter. Amundi purchased a new stake in IonQ during the 1st quarter valued at $630,000. AQR Capital Management LLC boosted its stake in IonQ by 106.2% during the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company's stock valued at $1,265,000 after purchasing an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock worth $9,932,000 after purchasing an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth increased its holdings in shares of IonQ by 30.3% in the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock worth $1,032,000 after purchasing an additional 10,881 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

Insider Transactions at IonQ

In related news, Director Gabrielle B. Toledano sold 2,757 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the transaction, the director owned 11,154 shares of the company's stock, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kathryn K. Chou sold 2,757 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the sale, the director owned 62,608 shares of the company's stock, valued at $3,444,692.16. This trade represents a 4.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 13,102 shares of company stock valued at $701,489. 0.55% of the stock is owned by company insiders.

IonQ Price Performance

IONQ stock opened at $53.99 on Tuesday. The company has a market cap of $20.15 billion, a P/E ratio of -192.82 and a beta of 3.18. IonQ, Inc. has a 1 year low of $25.89 and a 1 year high of $84.64. The stock's fifty day moving average price is $55.27 and its 200-day moving average price is $45.04.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million during the quarter, compared to the consensus estimate of $49.75 million. During the same period in the previous year, the firm earned ($0.14) EPS. The business's revenue was up 754.7% on a year-over-year basis. As a group, analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current year.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of research analyst reports. Northland Securities upped their price target on IonQ from $55.00 to $70.00 and gave the company an "outperform" rating in a report on Monday, June 22nd. Rosenblatt Securities reiterated a "buy" rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, June 11th. Wedbush reissued an "outperform" rating and issued a $60.00 target price on shares of IonQ in a research report on Monday, May 4th. JPMorgan Chase & Co. upped their target price on shares of IonQ from $42.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Finally, Morgan Stanley set a $48.50 price target on shares of IonQ in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, IonQ presently has an average rating of "Moderate Buy" and an average price target of $69.88.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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