Simplicity Wealth LLC Makes New Investment in IonQ, Inc. $IONQ

Key Points

• Simplicity Wealth LLC initiated a position in IonQ during the second quarter, purchasing 18,426 shares valued at approximately $981,000. Institutional investors currently own 41.42% of the company.
• Analyst sentiment remains broadly positive: nine analysts rate IonQ a Buy, four rate it Hold, and one rates it Sell, producing a consensus “Moderate Buy” rating and an average price target of $69.92.
• IonQ exceeded quarterly expectations, reporting a loss of $0.33 per share versus the $0.56 consensus loss and revenue of $80.05 million versus $66.47 million expected. Revenue increased 286.7% year over year, although the company remained unprofitable.

Simplicity Wealth LLC bought a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,426 shares of the company's stock, valued at approximately $981,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of IonQ by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company's stock valued at $1,560,343,000 after buying an additional 5,420,037 shares in the last quarter. Norges Bank bought a new stake in shares of IonQ during the 4th quarter worth $199,753,000. Marex Group plc grew its holdings in shares of IonQ by 419.1% in the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company's stock worth $183,225,000 after acquiring an additional 3,296,866 shares during the last quarter. State Street Corp grew its holdings in shares of IonQ by 42.3% in the 4th quarter. State Street Corp now owns 8,962,789 shares of the company's stock worth $402,160,000 after acquiring an additional 2,663,230 shares during the last quarter. Finally, Clear Street Group Inc. raised its position in shares of IonQ by 219.6% during the fourth quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company's stock worth $143,396,000 after purchasing an additional 2,196,017 shares during the period. 41.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on IONQ shares. Benchmark reaffirmed a "buy" rating and set a $60.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Northland Securities lifted their target price on shares of IonQ from $55.00 to $70.00 and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Wall Street Zen lowered shares of IonQ from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Wedbush began coverage on shares of IonQ in a research report on Monday, August 3rd. They issued an "outperform" rating and a $75.00 price target for the company. Finally, Jefferies Financial Group set a $75.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $69.92.

IonQ Price Performance

Shares of IONQ stock opened at $46.35 on Monday. IonQ, Inc. has a fifty-two week low of $25.89 and a fifty-two week high of $84.64. The stock's 50-day moving average is $45.79 and its two-hundred day moving average is $43.15. The firm has a market cap of $17.66 billion, a P/E ratio of -9.95 and a beta of 3.28.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.23. The company had revenue of $80.05 million during the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company's revenue for the quarter was up 286.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.70) earnings per share. As a group, research analysts expect that IonQ, Inc. will post -2.86 EPS for the current year.

Insider Buying and Selling

In other news, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the transaction, the insider directly owned 80,148 shares in the company, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the transaction, the director directly owned 11,154 shares in the company, valued at approximately $613,581.54. This represents a 19.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,329 shares of company stock worth $513,216 in the last quarter. 0.55% of the stock is currently owned by company insiders.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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