Private Advisor Group LLC Increases Holdings in IonQ, Inc. (NYSE:IONQ)

Private Advisor Group LLC grew its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 983.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 102,465 shares of the company’s stock after buying an additional 93,008 shares during the quarter. Private Advisor Group LLC’s holdings in IonQ were worth $2,261,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in IONQ. JPMorgan Chase & Co. raised its position 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 buying an additional 2,293,231 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in IonQ in the 4th quarter worth about $29,519,000. Arrowstreet Capital Limited Partnership purchased a new stake in IonQ in the 4th quarter worth about $29,513,000. Invesco Ltd. raised its position in IonQ by 439.3% in the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock worth $35,800,000 after purchasing an additional 698,146 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in IonQ by 475.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company’s stock worth $28,771,000 after purchasing an additional 569,061 shares during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

IonQ Price Performance

Shares of IONQ stock opened at $43.95 on Friday. The company has a market capitalization of $11.50 billion, a P/E ratio of -29.49 and a beta of 2.55. The company’s 50-day simple moving average is $41.54 and its two-hundred day simple moving average is $34.04. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. 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 firm earned ($0.19) EPS. On average, research analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 65,000 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $38.57, for a total transaction of $2,507,050.00. Following the transaction, the executive directly owned 552,592 shares in the company, valued at approximately $21,313,473.44. This trade represents a 10.52% decrease in their ownership of the stock. The transaction 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 that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total transaction of $104,783,150.00. Following the transaction, the chief executive officer owned 711,987 shares in the company, valued at approximately $28,721,555.58. This represents a 78.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,191,850 shares of company stock valued at $360,519,930 over the last 90 days. 5.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

IONQ has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of IonQ in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $45.00 price objective on the stock. Benchmark increased their price objective 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. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of IonQ in a research report on Wednesday, June 11th. Morgan Stanley increased their price objective on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. Finally, DA Davidson reduced their price objective on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $41.43.

About IonQ

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.