Teacher Retirement System of Texas Purchases New Stake in IonQ, Inc. (NYSE:IONQ)

Teacher Retirement System of Texas acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 28,452 shares of the company’s stock, valued at approximately $628,000.

Several other hedge funds have also recently bought and sold shares of IONQ. PDS Planning Inc boosted its stake in shares of IonQ by 2.6% in the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock valued at $494,000 after purchasing an additional 300 shares in the last quarter. Mariner LLC boosted its position in IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company’s stock valued at $2,276,000 after buying an additional 350 shares in the last quarter. Future Financial Wealth Managment LLC grew its stake in shares of IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock worth $33,000 after buying an additional 500 shares during the last quarter. Miracle Mile Advisors LLC increased its holdings in shares of IonQ by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company’s stock worth $452,000 after buying an additional 500 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of IonQ by 23.4% during the fourth quarter. Signaturefd LLC now owns 3,354 shares of the company’s stock worth $140,000 after buying an additional 637 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

Insider Activity at IonQ

In other news, insider Peter Hume Chapman sold 3,581,193 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $38.13, for a total transaction of $136,550,889.09. Following the transaction, the insider owned 390,329 shares in the company, valued at approximately $14,883,244.77. This represents a 90.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Masi Niccolo De sold 2,597,500 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $40.34, for a total transaction of $104,783,150.00. Following the transaction, the chief executive officer directly owned 711,987 shares in the company, valued at $28,721,555.58. This trade represents a 78.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,144,372 shares of company stock worth $358,255,229 over the last ninety days. 5.20% of the stock is owned by corporate insiders.

IonQ Price Performance

Shares of IonQ stock opened at $41.59 on Wednesday. The stock’s 50-day moving average is $39.85 and its 200 day moving average is $34.00. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The firm has a market cap of $10.88 billion, a price-to-earnings ratio of -27.91 and a beta of 2.55.

IonQ (NYSE:IONQ) last posted its quarterly 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. The firm had revenue of $7.57 million for the quarter, compared to analysts’ expectations of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.19) EPS. On average, sell-side analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Cantor Fitzgerald began coverage on IonQ in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $45.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price objective on shares of IonQ in a research note on Wednesday, June 11th. Benchmark lifted their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Morgan Stanley upped their price target on shares of IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Finally, DA Davidson dropped their price target 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. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.43.

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.