Yarbrough Capital LLC Buys Shares of 16,701 IonQ, Inc. (NYSE:IONQ)

Yarbrough Capital LLC bought a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 16,701 shares of the company's stock, valued at approximately $369,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of IonQ during the 4th quarter valued at about $3,840,000. New York State Common Retirement Fund increased its stake in shares of IonQ by 16.7% during the 4th quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock valued at $2,568,000 after acquiring an additional 8,800 shares during the last quarter. Rhumbline Advisers increased its stake in shares of IonQ by 9.2% during the 4th quarter. Rhumbline Advisers now owns 303,803 shares of the company's stock valued at $12,690,000 after acquiring an additional 25,577 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after acquiring an additional 2,293,231 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of IonQ during the 4th quarter valued at about $1,255,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

IonQ Stock Performance

IONQ opened at $39.08 on Friday. The firm has a 50 day moving average price of $31.52 and a 200 day moving average price of $33.11. The company has a market cap of $8.71 billion, a PE ratio of -48.25 and a beta of 2.59. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74.

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

Insider Buying and Selling at IonQ

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at $17,539,550.70. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,031,759 shares of company stock valued at $38,029,765 over the last 90 days. 5.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Benchmark dropped their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Morgan Stanley upped their price objective on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. DA Davidson dropped their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Needham & Company LLC dropped their target price on shares of IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.

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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