Strong Tower Advisory Services Acquires Shares of 29,383 IonQ, Inc. (NYSE:IONQ)

Strong Tower Advisory Services bought a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 29,383 shares of the company's stock, valued at approximately $668,000.

A number of other large investors have also recently added to or reduced their stakes in IONQ. JPMorgan Chase & Co. grew its holdings in shares of IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after acquiring an additional 2,293,231 shares in the last quarter. Chevy Chase Trust Holdings LLC acquired a new stake in IonQ in the 4th quarter valued at about $32,060,000. Ameriprise Financial Inc. acquired a new stake in IonQ in the 4th quarter valued at about $29,519,000. Arrowstreet Capital Limited Partnership acquired a new stake in IonQ in the 4th quarter valued at about $29,513,000. Finally, Invesco Ltd. lifted its stake in IonQ by 439.3% in the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after purchasing an additional 698,146 shares during the last quarter. Institutional investors own 41.42% of the company's stock.

IonQ Price Performance

IONQ traded down $1.01 during trading on Thursday, hitting $38.63. The stock had a trading volume of 7,916,815 shares, compared to its average volume of 17,934,451. The company has a 50 day moving average price of $30.92 and a 200-day moving average price of $32.93. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of -47.69 and a beta of 2.59.

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

Insiders Place Their Bets

In other news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 20,047 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $372,272.79. Following the completion of the sale, the executive now owns 572,568 shares of the company's stock, valued at approximately $10,632,587.76. The trade was a 3.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,031,759 shares of company stock worth $38,029,765 in the last quarter. 5.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.