Truist Financial Corp Acquires 6,471 Shares of IonQ, Inc. $IONQ

Key Points

• Truist Financial Corp increased its stake in IonQ, Inc. by 58.3% during the second quarter, now holding a total of 17,563 shares valued at approximately $755,000.
• Several other hedge funds have also increased or initiated positions in IonQ, with institutional investors currently owning 41.42% of the company's stock.
• IonQ's stock has experienced a 4.5% decline recently, and the company reported a quarterly loss; however, its revenue rose 81.6% year-over-year.

Truist Financial Corp raised its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 58.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,563 shares of the company's stock after acquiring an additional 6,471 shares during the period. Truist Financial Corp's holdings in IonQ were worth $755,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IONQ. Nuveen LLC bought a new stake in IonQ during the first quarter valued at about $12,193,000. Deutsche Bank AG boosted its holdings in IonQ by 255.8% during the first quarter. Deutsche Bank AG now owns 761,066 shares of the company's stock valued at $16,797,000 after acquiring an additional 547,155 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in IonQ by 101.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company's stock valued at $20,476,000 after acquiring an additional 467,084 shares during the period. UNICOM Systems Inc. boosted its holdings in IonQ by 77.4% during the first quarter. UNICOM Systems Inc. now owns 768,900 shares of the company's stock valued at $16,970,000 after acquiring an additional 335,429 shares during the period. Finally, Quantitative Investment Management LLC bought a new stake in IonQ during the first quarter valued at about $5,678,000. 41.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IONQ has been the subject of several research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of IonQ in a research note on Wednesday, October 8th. B. Riley increased their target price on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Wolfe Research initiated coverage on shares of IonQ in a research note on Wednesday, July 30th. They issued a "peer perform" rating for the company. Benchmark increased their target price on shares of IonQ from $55.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Finally, Zacks Research cut shares of IonQ from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $58.33.

IonQ Stock Down 4.5%

NYSE:IONQ opened at $78.38 on Wednesday. IonQ, Inc. has a 12-month low of $10.36 and a 12-month high of $84.64. The firm has a market capitalization of $23.27 billion, a PE ratio of -39.00 and a beta of 2.60. The firm has a 50-day moving average price of $54.57 and a 200 day moving average price of $42.38.

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

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 19,976 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the sale, the executive owned 532,616 shares of the company's stock, valued at approximately $23,648,150.40. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul T. Dacier sold 4,175 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $185,370.00. Following the sale, the insider directly owned 114,454 shares of the company's stock, valued at approximately $5,081,757.60. The trade was a 3.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 178,876 shares of company stock valued at $7,930,390. Insiders own 5.20% of the company's stock.

IonQ Company 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.

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