Praxis Investment Management Inc. Takes Position in IonQ, Inc. $IONQ

Key Points

• Praxis Investment Management Inc. acquired a new stake in IonQ, Inc., purchasing 6,980 shares valued at approximately $300,000 during the second quarter.
• IonQ reported a quarterly revenue of $20.69 million, exceeding analysts' expectations, despite a significant miss on earnings per share at ($0.70).
• Brokerage analysts have shown mixed sentiments towards IonQ, with ratings ranging from "strong sell" to "buy" and a price target of $58.33 on average.

Praxis Investment Management Inc. bought a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,980 shares of the company's stock, valued at approximately $300,000.

A number of other large investors have also recently modified their holdings of IONQ. ORG Partners LLC boosted its stake in shares of IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of IonQ by 780.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after purchasing an additional 1,295 shares in the last quarter. Close Asset Management Ltd bought a new stake in shares of IonQ during the 1st quarter valued at about $35,000. SVB Wealth LLC bought a new stake in shares of IonQ during the 1st quarter valued at about $35,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of IonQ by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company's stock valued at $36,000 after purchasing an additional 808 shares in the last quarter. Institutional investors own 41.42% of the company's stock.

IonQ Stock Performance

Shares of IonQ stock opened at $63.01 on Friday. The stock has a market capitalization of $18.70 billion, a PE ratio of -31.35 and a beta of 2.60. IonQ, Inc. has a 52-week low of $12.56 and a 52-week high of $84.64. The company has a 50-day simple moving average of $56.14 and a two-hundred day simple moving average of $43.29.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The firm had revenue of $20.69 million during the quarter, compared to analysts' expectations of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The firm's quarterly revenue was up 81.6% on a year-over-year basis. During the same period last year, the firm posted ($0.18) earnings per share. As a group, equities research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other IonQ news, insider Paul T. Dacier sold 4,175 shares of IonQ stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $185,370.00. Following the completion of the transaction, the insider directly owned 114,454 shares of the company's stock, valued at approximately $5,081,757.60. The trade was a 3.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 19,976 shares of IonQ stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the transaction, the executive directly owned 532,616 shares of the company's stock, valued at $23,648,150.40. This trade represents a 3.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 178,876 shares of company stock valued at $7,930,390. 5.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IONQ. Zacks Research lowered shares of IonQ from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. B. Riley lifted their target price on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Weiss Ratings reissued a "sell (d-)" rating on shares of IonQ in a research note on Wednesday, October 8th. Cantor Fitzgerald boosted their price objective on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Finally, DA Davidson lowered shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective on the stock. in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $58.33.

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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