Public Employees Retirement System of Ohio Takes Position in IonQ, Inc. $IONQ

Key Points

• Public Employees Retirement System of Ohio acquired 104,610 IonQ shares worth approximately $5.57 million during the second quarter. Institutional investors collectively own 41.42% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $69.92; targets from recent firms range from $50 to $75.
• IonQ reported better-than-expected quarterly results, including an adjusted loss of $0.33 per share versus estimates of $0.56 and revenue of $80.05 million, up 286.7% year over year. However, the company remains unprofitable, with a negative net margin of 553.27%.

Public Employees Retirement System of Ohio acquired a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 104,610 shares of the company's stock, valued at approximately $5,572,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of IONQ. Royal Bank of Canada increased 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 purchasing an additional 14,898 shares in the last quarter. Amundi acquired a new position in shares of IonQ in the 1st quarter worth approximately $630,000. AQR Capital Management LLC boosted its position in IonQ by 106.2% during the first quarter. AQR Capital Management LLC now owns 57,305 shares of the company's stock valued at $1,265,000 after acquiring an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in IonQ by 24.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company's stock valued at $9,932,000 after acquiring an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth boosted its position in IonQ by 30.3% during the first quarter. Focus Partners Wealth now owns 46,782 shares of the company's stock valued at $1,032,000 after acquiring an additional 10,881 shares during the last quarter. Institutional investors own 41.42% of the company's stock.

Insider Activity at IonQ

In other IonQ news, Director Kathryn K. Chou sold 2,757 shares of the business's stock in a transaction 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 completion of the sale, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. The trade was a 4.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gabrielle B. Toledano sold 2,757 shares of the company's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the transaction, the director owned 11,154 shares in the company, valued at approximately $613,581.54. The trade was a 19.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 9,329 shares of company stock valued at $513,216. 0.55% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IONQ. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Benchmark reiterated a "buy" rating and issued a $60.00 target price on shares of IonQ in a report on Thursday, August 6th. Wedbush assumed coverage on IonQ in a research note on Monday, August 3rd. They issued an "outperform" rating and a $75.00 price target on the stock. JPMorgan Chase & Co. increased their price target on IonQ from $42.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of IonQ from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $69.92.

IonQ Price Performance

Shares of IONQ opened at $37.65 on Thursday. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64. The company has a market cap of $14.35 billion, a PE ratio of -8.08 and a beta of 3.30. The stock has a 50-day moving average of $41.66 and a 200-day moving average of $43.52.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, topping analysts' consensus estimates of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The business had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. During the same period in the prior year, the business earned ($0.70) EPS. The firm's revenue for the quarter was up 286.7% on a year-over-year basis. Analysts expect that IonQ, Inc. will post -2.86 EPS for the current fiscal year.

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. 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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