Private Trust Co. NA Takes $52,000 Position in IonQ, Inc. $IONQ

Private Trust Co. NA bought a new stake in shares of IonQ, Inc. (NYSE:IONQ) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 1,200 shares of the company’s stock, valued at approximately $52,000.

Several other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC increased its holdings in shares of IonQ by 20.7% during the 1st quarter. Signaturefd LLC now owns 4,048 shares of the company’s stock valued at $89,000 after purchasing an additional 694 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in shares of IonQ by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company’s stock valued at $36,000 after purchasing an additional 808 shares in the last quarter. Allworth Financial LP increased its holdings in shares of IonQ by 33.7% during the 1st quarter. Allworth Financial LP now owns 3,682 shares of the company’s stock valued at $81,000 after purchasing an additional 929 shares in the last quarter. Xponance Inc. increased its holdings in shares of IonQ by 6.3% during the 1st quarter. Xponance Inc. now owns 15,741 shares of the company’s stock valued at $347,000 after purchasing an additional 935 shares in the last quarter. Finally, AlphaQuest LLC increased its holdings in shares of IonQ by 25.5% during the 1st quarter. AlphaQuest LLC now owns 4,810 shares of the company’s stock valued at $106,000 after purchasing an additional 977 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Stock Up 7.2%

Shares of IONQ opened at $59.44 on Friday. IonQ, Inc. has a 52-week low of $14.15 and a 52-week high of $84.64. The firm’s fifty day moving average is $57.42 and its two-hundred day moving average is $44.15. The stock has a market cap of $17.65 billion, a PE ratio of -29.57 and a beta of 2.60.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.57). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The business had revenue of $20.69 million for the quarter, compared to analyst estimates of $17.23 million. During the same period last year, the firm earned ($0.18) EPS. The company’s revenue for the quarter was up 81.6% compared to the same quarter last year. As a group, research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Wall Street Analyst Weigh In

IONQ has been the subject of several recent research reports. Oppenheimer assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They set an “outperform” rating for the company. Benchmark boosted their price target on shares of IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, September 16th. Needham & Company LLC boosted their price target on shares of IonQ from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Sanford C. Bernstein assumed coverage on shares of IonQ in a report on Wednesday, July 30th. They issued a “market perform” rating for the company. Finally, B. Riley boosted their price target on shares of IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, IonQ presently has a consensus rating of “Hold” and an average target price of $58.33.

Insider Activity at IonQ

In other IonQ news, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the sale, the chief executive officer owned 1,181,186 shares of the company’s stock, valued at $52,444,658.40. The trade was a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert T. Cardillo sold 8,773 shares of IonQ stock in a transaction on Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the sale, the insider directly owned 37,436 shares in the company, valued at approximately $1,891,266.72. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 131,398 shares of company stock worth $5,665,690 over the last 90 days. Corporate insiders own 5.20% of the company’s stock.

IonQ 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.