Uptick Partners LLC Purchases New Shares in IonQ, Inc. $IONQ

Key Points

• Uptick Partners LLC acquired 5,579 shares of IonQ, Inc. valued at approximately $240,000 during the second quarter, contributing to a trend of institutional investments in the company.
• IonQ's stock recently traded down by 5.8%, with a twelve month low of $10.70 and a high of $84.64, reflecting significant volatility.
• The company reported a loss of $0.70 per share in the latest earnings, falling below estimates but seeing an 81.6% increase in quarterly revenue to $20.69 million.

Uptick Partners LLC purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,579 shares of the company's stock, valued at approximately $240,000.

A number of other hedge funds also recently bought and sold shares of IONQ. Farther Finance Advisors LLC raised its stake in IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after purchasing an additional 1,295 shares in the last quarter. GAMMA Investing LLC raised its stake in IonQ by 116.7% during the first quarter. GAMMA Investing LLC now owns 2,462 shares of the company's stock valued at $54,000 after purchasing an additional 1,326 shares in the last quarter. SG Americas Securities LLC raised its stake in IonQ by 60.2% during the first quarter. SG Americas Securities LLC now owns 12,818 shares of the company's stock valued at $283,000 after purchasing an additional 4,818 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in IonQ by 32.4% during the first quarter. Janney Montgomery Scott LLC now owns 27,476 shares of the company's stock valued at $606,000 after purchasing an additional 6,717 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC raised its stake in IonQ by 91.5% during the first quarter. Kingswood Wealth Advisors LLC now owns 9,385 shares of the company's stock valued at $207,000 after purchasing an additional 4,485 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

IonQ Trading Down 5.8%

NYSE:IONQ opened at $73.02 on Thursday. IonQ, Inc. has a twelve month low of $10.70 and a twelve month high of $84.64. The company has a market cap of $21.67 billion, a price-to-earnings ratio of -36.33 and a beta of 2.60. The stock has a fifty day simple moving average of $55.21 and a 200-day simple moving average of $42.59.

IonQ (NYSE:IONQ - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share 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 for the quarter, compared to the consensus estimate of $17.23 million. During the same quarter last year, the business posted ($0.18) earnings per share. The firm's revenue for the quarter was up 81.6% compared to the same quarter last year. As a group, equities research analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of IonQ in a research report on Wednesday, October 8th. Benchmark raised their price target on IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Cantor Fitzgerald raised their price target on IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Oppenheimer initiated coverage on IonQ in a research report on Wednesday, July 30th. They issued an "outperform" rating for the company. Finally, Sanford C. Bernstein initiated coverage on IonQ in a research report on Wednesday, July 30th. They issued a "market perform" rating for the company. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, IonQ currently has an average rating of "Hold" and an average target price of $58.33.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 64,578 shares of IonQ stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total transaction of $2,700,651.96. Following the completion of the sale, the chief financial officer directly owned 473,302 shares in the company, valued at approximately $19,793,489.64. This trade represents a 12.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul T. Dacier sold 4,175 shares of IonQ stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $185,370.00. Following the sale, the insider owned 114,454 shares of the company's stock, valued at approximately $5,081,757.60. This trade represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 178,876 shares of company stock valued at $7,930,390. 5.20% of the stock is owned by company insiders.

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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