Caitong International Asset Management Co. Ltd Cuts Stake in IonQ, Inc. $IONQ

Caitong International Asset Management Co. Ltd reduced its stake in IonQ, Inc. (NYSE:IONQ) by 98.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 2,199 shares of the company’s stock after selling 108,339 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in IonQ were worth $94,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IONQ. Nuveen LLC purchased a new position in shares of IonQ in the 1st quarter worth about $12,193,000. Deutsche Bank AG boosted its holdings in shares of IonQ by 255.8% in the 1st quarter. Deutsche Bank AG now owns 761,066 shares of the company’s stock worth $16,797,000 after buying an additional 547,155 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in IonQ by 101.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company’s stock valued at $20,476,000 after purchasing an additional 467,084 shares during the last quarter. UNICOM Systems Inc. lifted its holdings in IonQ by 77.4% during the first quarter. UNICOM Systems Inc. now owns 768,900 shares of the company’s stock valued at $16,970,000 after purchasing an additional 335,429 shares during the last quarter. Finally, Quantitative Investment Management LLC purchased a new stake in IonQ during the first quarter valued at about $5,678,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IONQ has been the topic of several recent research reports. Sanford C. Bernstein initiated coverage on shares of IonQ in a report on Wednesday, July 30th. They set a “market perform” rating on the stock. Needham & Company LLC upped their price objective on shares of IonQ from $60.00 to $80.00 and gave the company a “buy” rating in a report on Monday, September 15th. Zacks Research downgraded shares of IonQ from a “hold” rating to a “strong sell” rating in a report on Monday, October 6th. B. Riley upped their price objective on shares of IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Finally, Cantor Fitzgerald upped their price objective on shares of IonQ from $45.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, September 15th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, IonQ presently has a consensus rating of “Hold” and a consensus target price of $58.33.

IonQ Stock Up 1.6%

Shares of IONQ opened at $60.30 on Friday. The business’s 50-day moving average price is $57.82 and its 200-day moving average price is $44.42. IonQ, Inc. has a twelve month low of $14.15 and a twelve month high of $84.64. The stock has a market cap of $20.95 billion, a PE ratio of -30.00 and a beta of 2.60.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The company had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. During the same quarter in the prior year, the company earned ($0.18) earnings per share. The company’s quarterly revenue was up 81.6% on a year-over-year basis. Analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Paul T. Dacier sold 4,175 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $185,370.00. Following the sale, the insider directly owned 114,454 shares in the company, valued at $5,081,757.60. This represents a 3.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas G. Kramer sold 64,578 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total transaction of $2,700,651.96. Following the completion of the sale, the chief financial officer directly owned 473,302 shares in the company, valued at $19,793,489.64. This represents a 12.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 131,398 shares of company stock valued at $5,665,690. 5.20% of the stock is currently owned by insiders.

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.