Bleakley Financial Group LLC Boosts Stock Position in IonQ, Inc. (NYSE:IONQ)

Bleakley Financial Group LLC raised its holdings in IonQ, Inc. (NYSE:IONQ) by 9.4% in the 1st quarter, Holdings Channel reports. The institutional investor owned 19,011 shares of the company’s stock after acquiring an additional 1,638 shares during the period. Bleakley Financial Group LLC’s holdings in IonQ were worth $420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. bought a new stake in shares of IonQ in the 4th quarter valued at approximately $10,768,000. Swiss National Bank lifted its holdings in shares of IonQ by 2.0% during the fourth quarter. Swiss National Bank now owns 378,900 shares of the company’s stock valued at $15,827,000 after purchasing an additional 7,500 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in IonQ by 212.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 110,865 shares of the company’s stock worth $4,631,000 after acquiring an additional 75,420 shares in the last quarter. Harbour Investments Inc. lifted its stake in IonQ by 27.1% in the 4th quarter. Harbour Investments Inc. now owns 5,293 shares of the company’s stock worth $221,000 after acquiring an additional 1,127 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new stake in shares of IonQ during the 4th quarter worth about $786,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity at IonQ

In related news, Director Kathryn K. Chou sold 6,789 shares of the stock in a transaction on Friday, July 11th. The shares were sold at an average price of $43.14, for a total transaction of $292,877.46. Following the sale, the director directly owned 60,839 shares of the company’s stock, valued at approximately $2,624,594.46. This represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CRO Rima Alameddine sold 45,000 shares of the firm’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the completion of the transaction, the executive directly owned 552,592 shares in the company, valued at approximately $25,518,698.56. This represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,144,372 shares of company stock valued at $358,255,229. 5.20% of the stock is currently owned by corporate insiders.

IonQ Stock Performance

Shares of NYSE IONQ opened at $44.83 on Friday. The company has a 50 day simple moving average of $40.39 and a two-hundred day simple moving average of $34.07. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The company has a market capitalization of $11.73 billion, a price-to-earnings ratio of -30.08 and a beta of 2.55.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.14. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The company had revenue of $7.57 million for 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. IonQ’s revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. DA Davidson lowered their target price on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Morgan Stanley lifted their target price on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of IonQ in a research note on Wednesday, June 11th. Cantor Fitzgerald assumed coverage on IonQ in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $45.00 price target on the stock. Finally, Benchmark increased their price target on IonQ from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.