PFG Investments LLC Purchases New Shares in IonQ, Inc. $IONQ

Key Points

• PFG Investments LLC acquired 6,543 shares of IonQ, Inc. valued at approximately $281,000 in the 2nd quarter.
• Did you know that IonQ has a market capitalization of $21.72 billion and recently reported a 81.6% increase in revenue year-over-year despite missing earnings expectations?
• Analysts' ratings for IonQ vary, with seven rating it as Buy, five as Hold, and one as Sell, reflecting a diverse outlook on the company's stock.

PFG Investments LLC purchased 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 SEC. The institutional investor purchased 6,543 shares of the company's stock, valued at approximately $281,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of IONQ. Nuveen LLC purchased a new stake in IonQ in the 1st quarter valued at $12,193,000. Deutsche Bank AG raised its position in IonQ by 255.8% during the 1st quarter. Deutsche Bank AG now owns 761,066 shares of the company's stock worth $16,797,000 after buying an additional 547,155 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in IonQ by 101.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company's stock worth $20,476,000 after buying an additional 467,084 shares during the last quarter. UNICOM Systems Inc. raised its position in IonQ by 77.4% during the 1st quarter. UNICOM Systems Inc. now owns 768,900 shares of the company's stock worth $16,970,000 after buying an additional 335,429 shares during the last quarter. Finally, Quantitative Investment Management LLC purchased a new position in IonQ during the 1st quarter worth $5,678,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of analyst reports. Needham & Company LLC upped their price objective on shares of IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Oppenheimer initiated coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating for the company. Rosenblatt Securities restated a "buy" rating and set a $70.00 price objective on shares of IonQ in a research report on Monday, September 15th. DA Davidson downgraded shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective for the company. in a research report on Thursday, August 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of IonQ in a research report on Saturday, September 27th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $58.33.

Insider Transactions at IonQ

In related news, insider Robert T. Cardillo sold 8,773 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $50.52, for a total value of $443,211.96. Following the sale, the insider directly owned 37,436 shares of the company's stock, valued at approximately $1,891,266.72. This represents a 18.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Rima Alameddine sold 19,976 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the sale, the executive directly owned 532,616 shares in the company, valued at approximately $23,648,150.40. The trade was a 3.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 229,047 shares of company stock worth $10,293,891 in the last 90 days. Insiders own 5.20% of the company's stock.

IonQ Stock Up 5.1%

Shares of IONQ opened at $73.17 on Monday. The company has a 50-day simple moving average of $49.39 and a 200-day simple moving average of $39.90. The company has a market capitalization of $21.72 billion, a PE ratio of -36.40 and a beta of 2.60. IonQ, Inc. has a 52-week low of $8.85 and a 52-week high of $76.13.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly 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 company had revenue of $20.69 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.18) EPS. On average, research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

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.

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