Sei Investments Co. Sells 18,651 Shares of IonQ, Inc. $IONQ

Key Points

• Sei Investments Co. reduced its holdings in IonQ by 62.1% during Q1, owning 11,386 shares valued at $251,000 at the end of the quarter.
• Institutional investors now own 41.42% of IonQ's stock, with several major hedge funds significantly increasing their positions in the same period.
• IonQ reported a net loss of ($0.70) earnings per share in its latest earnings release, missing expectations despite a year-over-year revenue increase of 81.6%.

Sei Investments Co. decreased its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 62.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,386 shares of the company's stock after selling 18,651 shares during the quarter. Sei Investments Co.'s holdings in IonQ were worth $251,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ORG Partners LLC grew its stake in IonQ by 348.0% in the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares during the period. Measured Risk Portfolios Inc. bought a new position in IonQ during the fourth quarter valued at about $27,000. TD Waterhouse Canada Inc. purchased a new stake in IonQ during the fourth quarter worth about $33,000. Future Financial Wealth Managment LLC increased its holdings in 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 buying an additional 500 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after acquiring an additional 1,295 shares during the period. Hedge funds and other institutional investors own 41.42% of the company's stock.

Insider Activity

In other IonQ news, CFO Thomas G. Kramer sold 17,776 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $41.28, for a total value of $733,793.28. Following the completion of the transaction, the chief financial officer directly owned 537,880 shares of the company's stock, valued at $22,203,686.40. This trade represents a 3.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Hume Chapman sold 1,497,311 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the completion of the transaction, the insider directly owned 390,329 shares in the company, valued at approximately $15,585,836.97. The trade was a 79.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,209,626 shares of company stock valued at $361,253,723. 5.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wolfe Research started coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a "peer perform" rating for the company. Rosenblatt Securities started coverage on IonQ in a report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price objective for the company. Sanford C. Bernstein started coverage on IonQ in a research note on Wednesday, July 30th. They issued a "market perform" rating on the stock. Benchmark upped their price target on IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, DA Davidson lowered IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective for the company. in a report on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $45.00.

IonQ Price Performance

IONQ stock traded up $0.1050 during mid-day trading on Wednesday, reaching $36.9050. 16,322,595 shares of the company traded hands, compared to its average volume of 19,249,436. The company has a fifty day moving average price of $41.61 and a 200-day moving average price of $34.38. IonQ, Inc. has a 52-week low of $6.54 and a 52-week high of $54.74. The company has a market capitalization of $10.95 billion, a P/E ratio of -18.36 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The firm had revenue of $20.69 million during the quarter, compared to analysts' expectations of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The company's quarterly revenue was up 81.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.18) earnings per share. As a group, analysts forecast that IonQ, Inc. will post -0.86 EPS for the current 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.