First Manhattan CO. LLC. Takes Position in IonQ, Inc. (NYSE:IONQ)

First Manhattan CO. LLC. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 177,525 shares of the company's stock, valued at approximately $7,415,000. First Manhattan CO. LLC. owned about 0.08% of IonQ as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IONQ. Mirae Asset Global Investments Co. Ltd. acquired a new stake in IonQ in the fourth quarter valued at about $3,840,000. Strategic Advocates LLC acquired a new stake in IonQ in the fourth quarter valued at about $863,000. New York State Common Retirement Fund grew its holdings in IonQ by 16.7% during the fourth quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock worth $2,568,000 after acquiring an additional 8,800 shares during the period. Friedenthal Financial purchased a new position in IonQ in the fourth quarter worth $850,000. Finally, Rhumbline Advisers raised its position in IonQ by 9.2% in the fourth quarter. Rhumbline Advisers now owns 303,803 shares of the company's stock worth $12,690,000 after acquiring an additional 25,577 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

Insider Buying and Selling

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ 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 directly owns 414,363 shares of the company's stock, valued at approximately $7,756,875.36. The trade was a 82.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The stock was 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. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,033,166 shares of company stock worth $38,059,593 in the last ninety days. Insiders own 11.60% of the company's stock.

Analyst Ratings Changes

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

IonQ Price Performance

IonQ stock traded up $1.59 during trading hours on Monday, hitting $32.86. The stock had a trading volume of 16,369,279 shares, compared to its average volume of 16,518,240. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of -40.57 and a beta of 2.46. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74. The stock's fifty day moving average is $24.91 and its two-hundred day moving average is $30.68.

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

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.