Westfield Capital Management Co. LP Grows Position in IonQ, Inc. $IONQ

Key Points

• Westfield Capital Management increased its IonQ stake by 203.2% in the fourth quarter, holding 1,114,665 shares worth about $50.0 million after buying 746,998 more shares.
• IonQ’s latest quarterly results showed revenue of $64.67 million, well above expectations, but it still posted a loss of $0.34 per share, wider than analysts expected.
• Wall Street remains generally constructive on the stock, with 10 Buy ratings and a consensus Moderate Buy view; the average price target is $68.63.

Westfield Capital Management Co. LP boosted its holdings in IonQ, Inc. (NYSE:IONQ - Free Report) by 203.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,114,665 shares of the company's stock after purchasing an additional 746,998 shares during the quarter. Westfield Capital Management Co. LP owned about 0.32% of IonQ worth $50,015,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. boosted its holdings in IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock valued at $25,000 after purchasing an additional 340 shares in the last quarter. Accent Capital Management LLC boosted its holdings in IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company's stock valued at $26,000 after purchasing an additional 371 shares in the last quarter. Fortitude Family Office LLC boosted its holdings in IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock valued at $28,000 after purchasing an additional 608 shares in the last quarter. UMB Bank n.a. acquired a new stake in shares of IonQ in the third quarter valued at approximately $31,000. Finally, Beaird Harris Wealth Management LLC boosted its holdings in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock valued at $31,000 after acquiring an additional 270 shares during the period. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Stock Performance

NYSE:IONQ opened at $56.99 on Friday. The stock has a fifty day moving average price of $47.17 and a two-hundred day moving average price of $44.19. The stock has a market capitalization of $21.27 billion, a price-to-earnings ratio of -203.53 and a beta of 3.18. IonQ, Inc. has a 1 year low of $25.89 and a 1 year high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). The business had revenue of $64.67 million during the quarter, compared to analysts' expectations of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The company's revenue was up 754.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.14) EPS. On average, analysts predict that IonQ, Inc. will post -2.26 EPS for the current year.

Analyst Upgrades and Downgrades

IONQ has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on IonQ from $42.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Wedbush reissued an "outperform" rating and issued a $60.00 price objective on shares of IonQ in a report on Monday, May 4th. Wall Street Zen raised IonQ from a "strong sell" rating to a "sell" rating in a report on Saturday, May 23rd. Morgan Stanley set a $48.50 price target on IonQ in a research note on Thursday, May 7th. Finally, Benchmark cut their price target on IonQ from $75.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $68.63.

Insider Buying and Selling at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares in the company, valued at $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John W. Raymond sold 2,800 shares of the firm's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider owned 83,963 shares of the company's stock, valued at approximately $2,799,326.42. This represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Corporate 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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