Quantitative Investment Management LLC Buys New Holdings in IonQ, Inc. $IONQ

Key Points

• Quantitative Investment Management LLC has acquired a new stake of 257,290 shares in IonQ, Inc., valued at approximately $5,678,000, accounting for about 0.12% of the company's stock.
• Equities analysts have given IonQ a consensus rating of "Moderate Buy" and a target price of $45.00, with several firms issuing positive ratings over recent weeks.
• IonQ's quarterly earnings showed a revenue increase of 81.6% year-over-year, despite missing earnings per share estimates significantly, reporting ($0.70) versus a consensus of ($0.13).

Quantitative Investment Management LLC purchased a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 257,290 shares of the company's stock, valued at approximately $5,678,000. Quantitative Investment Management LLC owned approximately 0.12% of IonQ at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IONQ. Ameriprise Financial Inc. purchased a new position in IonQ in the 4th quarter valued at about $29,519,000. Price T Rowe Associates Inc. MD lifted its stake in IonQ by 475.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company's stock valued at $28,771,000 after buying an additional 569,061 shares in the last quarter. Nuveen LLC purchased a new position in IonQ in the 1st quarter valued at about $12,193,000. Deutsche Bank AG lifted its stake in IonQ by 255.8% in the 1st quarter. Deutsche Bank AG now owns 761,066 shares of the company's stock valued at $16,797,000 after buying an additional 547,155 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in IonQ by 101.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company's stock valued at $20,476,000 after buying an additional 467,084 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Price Performance

IonQ stock traded up $1.74 during mid-day trading on Thursday, hitting $43.16. 9,031,102 shares of the company's stock traded hands, compared to its average volume of 22,439,699. IonQ, Inc. has a fifty-two week low of $6.54 and a fifty-two week high of $54.74. The stock has a market cap of $12.81 billion, a price-to-earnings ratio of -21.44 and a beta of 2.54. The firm has a 50 day simple moving average of $41.71 and a two-hundred day simple moving average of $34.31.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share 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 period in the prior year, the business posted ($0.18) EPS. The firm's quarterly revenue was up 81.6% compared to the same quarter last year. On average, research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Masi Niccolo De sold 2,597,500 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $40.34, for a total value of $104,783,150.00. Following the completion of the sale, the chief executive officer directly owned 711,987 shares of the company's stock, valued at approximately $28,721,555.58. This represents a 78.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 216,000 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.11, for a total value of $8,231,760.00. Following the sale, the chief financial officer directly owned 718,516 shares of the company's stock, valued at approximately $27,382,644.76. This represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,209,626 shares of company stock valued at $361,253,723 in the last ninety days. Insiders own 5.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IONQ. Benchmark raised their price target on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Needham & Company LLC reissued a "buy" rating on shares of IonQ in a research note on Monday, August 4th. Oppenheimer began coverage on shares of IonQ in a research note on Wednesday, July 30th. They issued an "outperform" rating on the stock. B. Riley began coverage on shares of IonQ in a research note on Wednesday. They issued a "buy" rating and a $61.00 target price on the stock. Finally, Rosenblatt Securities began coverage on shares of IonQ in a research note on Tuesday, July 29th. They issued a "buy" rating and a $70.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $46.78.

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.