State of New Jersey Common Pension Fund D Increases Stock Position in IonQ, Inc. $IONQ

State of New Jersey Common Pension Fund D raised its stake in shares of IonQ, Inc. (NYSE:IONQ) by 13.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 77,212 shares of the company’s stock after purchasing an additional 9,108 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in IonQ were worth $3,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of IonQ by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company’s stock valued at $474,460,000 after buying an additional 123,839 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position 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 in the last quarter. UNICOM Systems Inc. lifted its stake in IonQ by 77.4% during the first quarter. UNICOM Systems Inc. now owns 768,900 shares of the company’s stock worth $16,970,000 after purchasing an additional 335,429 shares during the last quarter. 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 purchasing an additional 547,155 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of IonQ in the 1st quarter worth about $12,193,000. Institutional investors own 41.42% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on IONQ shares. Sanford C. Bernstein started coverage on IonQ in a research report on Wednesday, July 30th. They issued a “market perform” rating for the company. Needham & Company LLC boosted their price objective on shares of IonQ from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a research note on Wednesday, October 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 target price on shares of IonQ in a research report on Monday, September 15th. Finally, Benchmark boosted their price target on shares of IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, September 16th. 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 company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $58.33.

IonQ Stock Up 4.1%

IONQ opened at $62.77 on Tuesday. IonQ, Inc. has a 52 week low of $14.15 and a 52 week high of $84.64. The stock has a market cap of $21.81 billion, a PE ratio of -31.23 and a beta of 2.60. The business has a 50 day moving average of $58.27 and a 200-day moving average of $44.96.

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

Insider Activity

In other news, insider Paul T. Dacier sold 4,175 shares of IonQ stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $185,370.00. Following the completion of the transaction, the insider owned 114,454 shares of the company’s stock, valued at $5,081,757.60. The trade was a 3.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas G. Kramer sold 64,578 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total transaction of $2,700,651.96. Following the completion of the transaction, the chief financial officer owned 473,302 shares in the company, valued at approximately $19,793,489.64. This represents a 12.01% decrease in their position. The disclosure for this sale can be found here. Over the last three months, 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.