Tidal Investments LLC Takes Position in IonQ, Inc. (NYSE:IONQ)

Tidal Investments LLC purchased a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 21,149 shares of the company's stock, valued at approximately $883,000.

Several other institutional investors also recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after buying an additional 2,293,231 shares during the period. Chevy Chase Trust Holdings LLC bought a new position in IonQ during the fourth quarter worth $32,060,000. Ameriprise Financial Inc. bought a new position in IonQ during the fourth quarter worth $29,519,000. Arrowstreet Capital Limited Partnership acquired a new position in IonQ in the fourth quarter valued at $29,513,000. Finally, Invesco Ltd. boosted its position in IonQ by 439.3% during 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 during the last quarter. Institutional investors own 41.42% of the company's stock.

Analyst Upgrades and Downgrades

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

IonQ Trading Down 4.9%

IONQ stock traded down $2.12 during trading on Friday, reaching $41.08. 14,938,377 shares of the stock were exchanged, compared to its average volume of 17,753,126. The firm's 50 day moving average is $29.65 and its 200 day moving average is $32.55. The firm has a market cap of $9.16 billion, a P/E ratio of -50.44 and a beta of 2.46. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $54.74.

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

Insider Buying and Selling at IonQ

In other news, Director William F. Scannell purchased 93,066 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares of the company's stock, valued at approximately $2,945,375.07. This trade represents a 221.69% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 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.