29,383 Shares in IonQ, Inc. (NYSE:IONQ) Purchased by Strong Tower Advisory Services

Strong Tower Advisory Services acquired a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 29,383 shares of the company's stock, valued at approximately $668,000.

A number of other hedge funds have also modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in shares of IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the period. Chevy Chase Trust Holdings LLC purchased a new position in IonQ during the 4th quarter worth $32,060,000. Ameriprise Financial Inc. purchased a new position in IonQ during the 4th quarter worth $29,519,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of IonQ in the 4th quarter worth $29,513,000. Finally, Invesco Ltd. boosted its holdings in shares of IonQ by 439.3% in the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after acquiring an additional 698,146 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

IonQ Trading Down 0.5%

Shares of NYSE:IONQ traded down $0.19 during trading on Wednesday, hitting $39.62. 11,978,113 shares of the stock were exchanged, compared to its average volume of 17,913,379. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74. The company has a market cap of $8.83 billion, a PE ratio of -48.91 and a beta of 2.46. The company has a fifty day moving average price of $30.58 and a two-hundred day moving average price of $32.88.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.14. The company had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. IonQ's revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.19) earnings per share. Equities research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In related news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the sale, the chief financial officer now owns 944,510 shares of the company's stock, valued at $17,539,550.70. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. The trade was a 82.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock valued at $38,059,593 in the last ninety days. Corporate insiders own 11.60% of the company's stock.

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.