Veracity Capital LLC Invests $332,000 in IonQ, Inc. $IONQ

Key Points

• Veracity Capital LLC has invested approximately $332,000 in IonQ, Inc., acquiring 7,735 shares of the company's stock in the second quarter.
• Analysts have differing opinions on IonQ, with Needham & Company raising its price target to $80.00 while DA Davidson lowered it to $35.00, resulting in a consensus rating of "Moderate Buy."
• IonQ reported a negative earnings per share of ($0.70) for the latest quarter, missing expectations, but its revenue increased by 81.6% year-over-year to $20.69 million.

Veracity Capital LLC bought a new position in IonQ, Inc. (NYSE:IONQ - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 7,735 shares of the company's stock, valued at approximately $332,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Mirabaud & Cie SA bought a new stake in shares of IonQ during the 2nd quarter worth approximately $230,000. Modus Advisors LLC bought a new stake in shares of IonQ during the 2nd quarter worth approximately $219,000. Rowlandmiller & PARTNERS.ADV bought a new stake in shares of IonQ during the 2nd quarter worth approximately $114,000. Rhumbline Advisers lifted its stake in shares of IonQ by 6.6% during the 1st quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock worth $7,149,000 after acquiring an additional 20,127 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of IonQ during the 1st quarter worth approximately $1,017,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Needham & Company LLC raised their price target on IonQ from $60.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday. DA Davidson lowered IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price target for the company. in a research note on Thursday, August 7th. Oppenheimer assumed coverage on IonQ in a research note on Wednesday, July 30th. They set an "outperform" rating for the company. Cantor Fitzgerald raised their price target on IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Sanford C. Bernstein initiated coverage on IonQ in a research report on Wednesday, July 30th. They set a "market perform" rating for the company. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of "Moderate Buy" and an average price target of $53.33.

IonQ Stock Up 4.9%

Shares of NYSE IONQ opened at $62.03 on Wednesday. The business has a fifty day simple moving average of $42.94 and a two-hundred day simple moving average of $35.56. The firm has a market cap of $18.41 billion, a PE ratio of -30.86 and a beta of 2.54. IonQ, Inc. has a twelve month low of $7.50 and a twelve month high of $62.85.

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

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 72,000 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.26, for a total value of $3,042,720.00. Following the completion of the transaction, the chief financial officer directly owned 646,516 shares of the company's stock, valued at approximately $27,321,766.16. The trade was a 10.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Peter Hume Chapman sold 1,497,311 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $39.93, for a total value of $59,787,628.23. Following the completion of the transaction, the insider directly owned 390,329 shares of the company's stock, valued at approximately $15,585,836.97. The trade was a 79.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,848,358 shares of company stock worth $75,433,239. Company insiders own 5.20% 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.

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