SummitTX Capital L.P. Makes New Investment in IonQ, Inc. $IONQ

SummitTX Capital L.P. acquired a new stake in IonQ, Inc. (NYSE:IONQ) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 15,665 shares of the company’s stock, valued at approximately $452,000.

Several other large investors have also recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in shares of IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after buying an additional 14,898 shares during the last quarter. Amundi purchased a new stake in IonQ during the first quarter worth about $630,000. AQR Capital Management LLC increased its holdings in IonQ by 106.2% during the first quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after buying an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in IonQ by 24.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock worth $9,932,000 after buying an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth raised its position in IonQ by 30.3% in the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after acquiring an additional 10,881 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Morgan Stanley set a $48.50 price target on shares of IonQ in a research note on Thursday, May 7th. Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a research note on Monday, May 4th. Finally, Jefferies Financial Group set a $85.00 price objective on IonQ in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.46.

Insider Buying and Selling at IonQ

In related news, insider Robert T. Cardillo sold 3,773 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at approximately $6,984,353.30. This trade represents a 2.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the transaction, the insider owned 80,148 shares of the company’s stock, valued at $4,408,941.48. This represents a 4.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 13,102 shares of company stock valued at $701,489. 0.55% of the stock is owned by corporate insiders.

IonQ Stock Performance

Shares of IonQ stock opened at $36.42 on Friday. The stock has a market capitalization of $13.59 billion, a P/E ratio of -130.07 and a beta of 3.23. IonQ, Inc. has a 52-week low of $25.89 and a 52-week high of $84.64. The stock’s 50-day simple moving average is $50.56 and its 200 day simple moving average is $43.63.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The business had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ’s revenue for the quarter was up 754.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) EPS. Equities research analysts forecast that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

IonQ News Summary

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: IonQ completed its acquisition of SkyWater Technology, giving it direct access to domestic semiconductor-fabrication capabilities. Management says the combination will support a vertically integrated quantum platform spanning quantum foundry operations, advanced packaging and manufacturing. IonQ Completes Acquisition of SkyWater Technology
• Positive Sentiment: The SkyWater deal could improve IonQ’s hardware roadmap by reducing reliance on outside chip suppliers and strengthening its position in the U.S. quantum ecosystem. Wedbush viewed regulatory approval for the transaction as a potential roadmap improvement. Wedbush on IonQ’s SkyWater acquisition
• Positive Sentiment: Some analysts and commentators remain bullish on IonQ’s trapped-ion technology and cite its accuracy advantage over certain competitors. That optimism, combined with the acquisition, is helping frame IonQ as one of the stronger long-term quantum-computing candidates. IonQ bullish stance and rating upgrade
• Neutral Sentiment: IonQ is among the most heavily searched stocks on Zacks, indicating heightened investor interest but not necessarily a change in the company’s fundamentals. Investors heavily search IonQ
• Negative Sentiment: Investors are also looking ahead to IonQ’s expected second-quarter earnings report on August 5. The event could intensify volatility, particularly after the company’s latest quarterly earnings-per-share miss despite strong revenue growth.
• Negative Sentiment: The broader quantum-computing and technology sectors remain under pressure after a significant sell-off. IonQ’s high valuation, continued losses and highly speculative profile leave the stock vulnerable if earnings, guidance or acquisition integration do not meet expectations. Quantum earnings and sector sell-off

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.