Quantinno Capital Management LP Purchases New Stake in IonQ, Inc. (NYSE:IONQ)

Quantinno Capital Management LP purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,784 shares of the company's stock, valued at approximately $283,000.

Other hedge funds have also made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ in the fourth quarter worth approximately $26,000. Smartleaf Asset Management LLC grew its position in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. acquired a new position in IonQ in the 4th quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new stake in IonQ in the 4th quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of IonQ during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares of the company's stock, valued at $12,563,438. This trade represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,033,166 shares of company stock valued at $38,059,593 in the last 90 days. 11.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on IONQ. Benchmark cut their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. DA Davidson lowered their price target on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Needham & Company LLC dropped their price target on shares of IonQ from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Morgan Stanley boosted their price objective on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $38.33.

IonQ Stock Down 5.4%

NYSE IONQ traded down $2.34 during midday trading on Friday, hitting $40.86. The company had a trading volume of 14,608,559 shares, compared to its average volume of 17,752,792. The firm has a fifty day simple moving average of $29.65 and a two-hundred day simple moving average of $32.55. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of -50.58 and a beta of 2.46. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. The firm had revenue of $7.57 million during the quarter, compared to analysts' expectations of $7.51 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.19) EPS. As a group, equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

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.