IonQ, Inc. $IONQ Shares Acquired by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in IonQ by 4.9%, owning approximately $5.97 million worth of stock after acquiring an additional 12,577 shares.
• IonQ reported lower-than-expected earnings with a loss of $0.70 per share, significantly missing the consensus estimate of a loss of $0.13.
• Analysts have a cautious yet optimistic outlook on IonQ, with an average rating of "Moderate Buy" and a consensus price target of $46.78.

Raymond James Financial Inc. raised its holdings in IonQ, Inc. (NYSE:IONQ - Free Report) by 4.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 270,378 shares of the company's stock after buying an additional 12,577 shares during the quarter. Raymond James Financial Inc. owned about 0.12% of IonQ worth $5,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IONQ. Future Financial Wealth Managment LLC lifted its holdings in shares of IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after purchasing an additional 500 shares during the period. Miracle Mile Advisors LLC raised its position in IonQ by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock valued at $452,000 after acquiring an additional 500 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new position in IonQ during the fourth quarter valued at approximately $27,000. Signaturefd LLC raised its position in IonQ by 20.7% during the first quarter. Signaturefd LLC now owns 4,048 shares of the company's stock valued at $89,000 after acquiring an additional 694 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in IonQ by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company's stock valued at $36,000 after acquiring an additional 808 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Peter Hume Chapman sold 3,581,193 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $38.13, for a total transaction of $136,550,889.09. Following the transaction, the insider owned 390,329 shares of the company's stock, valued at approximately $14,883,244.77. This represents a 90.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 65,000 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $38.57, for a total value of $2,507,050.00. Following the sale, the executive owned 552,592 shares in the company, valued at approximately $21,313,473.44. This trade represents a 10.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,209,626 shares of company stock worth $361,253,723. Company insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IONQ shares. Morgan Stanley lifted their price target on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. DA Davidson lowered IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective on the stock. in a report on Thursday, August 7th. B. Riley began coverage on IonQ in a report on Wednesday, August 27th. They issued a "buy" rating and a $61.00 price objective on the stock. Sanford C. Bernstein began coverage on IonQ in a report on Wednesday, July 30th. They issued a "market perform" rating on the stock. Finally, Cantor Fitzgerald began coverage on IonQ in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $45.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $46.78.

IonQ Trading Down 0.8%

NYSE IONQ traded down $0.33 on Friday, reaching $41.78. 11,463,646 shares of the company were exchanged, compared to its average volume of 22,179,986. The business's fifty day moving average price is $41.98 and its 200 day moving average price is $34.48. The stock has a market capitalization of $12.40 billion, a P/E ratio of -20.79 and a beta of 2.54. IonQ, Inc. has a fifty-two week low of $6.54 and a fifty-two week high of $54.74.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings data 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). The company had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The business's quarterly revenue was up 81.6% on a year-over-year basis. During the same period last year, the firm posted ($0.18) EPS. Equities research analysts forecast 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.