QRG Capital Management Inc. Makes New Investment in IonQ, Inc. $IONQ

Key Points

• QRG Capital Management has made a new investment in IonQ, purchasing 10,079 shares valued at approximately $433,000.
• IonQ's stock experienced significant volatility, reaching a one-year low of $9.62 and a high of $82.97, currently trading around $70.88.
• The company reported a 81.6% year-over-year increase in revenue, but posted a loss of ($0.70) EPS, missing analysts' expectations.

QRG Capital Management Inc. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,079 shares of the company's stock, valued at approximately $433,000.

A number of other large investors also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC acquired a new position in IonQ during the second quarter worth $46,000. Patriot Financial Group Insurance Agency LLC acquired a new position in IonQ during the second quarter worth $1,320,000. McGuire Investment Group LLC lifted its stake in IonQ by 136.8% during the second quarter. McGuire Investment Group LLC now owns 165,716 shares of the company's stock worth $7,121,000 after purchasing an additional 95,723 shares in the last quarter. PFG Investments LLC acquired a new position in IonQ during the second quarter worth $281,000. Finally, Truist Financial Corp lifted its stake in IonQ by 58.3% during the second quarter. Truist Financial Corp now owns 17,563 shares of the company's stock worth $755,000 after purchasing an additional 6,471 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Stock Performance

IONQ opened at $70.88 on Friday. The business's 50-day simple moving average is $53.00 and its 200-day simple moving average is $41.47. IonQ, Inc. has a one year low of $9.62 and a one year high of $82.97. The stock has a market capitalization of $21.04 billion, a P/E ratio of -35.26 and a beta of 2.60.

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

Insider Buying and Selling at IonQ

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

Wall Street Analyst Weigh In

A number of research firms have commented on IONQ. Benchmark upped their price target on IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Zacks Research cut IonQ from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. B. Riley increased their price objective on IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Wolfe Research initiated coverage on IonQ in a research note on Wednesday, July 30th. They issued a "peer perform" rating on the stock. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $70.00 price objective on shares of IonQ in a research note on Monday, September 15th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, IonQ currently has a consensus rating of "Hold" and a consensus 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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