HBK Sorce Advisory LLC Acquires Shares of 18,289 IonQ, Inc. (NYSE:IONQ)

HBK Sorce Advisory LLC acquired a new stake in IonQ, Inc. (NYSE:IONQ) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 18,289 shares of the company’s stock, valued at approximately $404,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of IonQ by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock worth $892,797,000 after buying an additional 125,144 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock valued at $186,593,000 after purchasing an additional 45,942 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the period. Northern Trust Corp increased its holdings in shares of IonQ by 12.6% in the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock valued at $80,809,000 after purchasing an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of IonQ by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company’s stock worth $68,740,000 after purchasing an additional 31,638 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of IonQ in a research report on Wednesday, June 11th. Benchmark reaffirmed a “buy” rating and issued a $50.00 target price on shares of IonQ in a report on Wednesday. DA Davidson cut their price target on shares of IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Morgan Stanley raised their price objective on shares of IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

IonQ Stock Performance

Shares of NYSE IONQ opened at $41.06 on Friday. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The firm has a market capitalization of $10.74 billion, a P/E ratio of -27.55 and a beta of 2.59. The company’s fifty day moving average is $35.80 and its two-hundred day moving average is $33.71.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping 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 firm had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.51 million. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. The firm’s revenue was down .2% on a year-over-year basis. On average, sell-side analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other news, CEO Masi Niccolo De sold 9,280 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $42.23, for a total value of $391,894.40. Following the sale, the chief executive officer now directly owns 711,987 shares in the company, valued at $30,067,211.01. This represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gabrielle B. Toledano sold 792 shares of IonQ stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $41.50, for a total value of $32,868.00. Following the transaction, the director now owns 792 shares of the company’s stock, valued at $32,868. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,972,201 shares of company stock valued at $350,540,009 in the last quarter. 5.20% of the stock is currently owned by corporate insiders.

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.