SummitTX Capital L.P. bought a new stake in shares of IonQ, Inc. (NYSE:IONQ – Free Report) in the first quarter, Holdings Channel reports. The fund bought 15,665 shares of the company’s stock, valued at approximately $452,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bogart Wealth LLC lifted its holdings in shares of IonQ by 24.4% in the first quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock worth $37,000 after buying an additional 250 shares in the last quarter. Beaird Harris Wealth Management LLC grew its stake in IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after acquiring an additional 270 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock valued at $36,000 after acquiring an additional 279 shares in the last quarter. ABN Amro Investment Solutions increased its holdings in IonQ by 2.5% during the 1st quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock worth $355,000 after acquiring an additional 295 shares during the period. Finally, Letson Investment Management Inc. lifted its stake in IonQ by 2.6% in the 4th quarter. Letson Investment Management Inc. now owns 12,619 shares of the company’s stock worth $566,000 after purchasing an additional 319 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.
IonQ Price Performance
Shares of IONQ opened at $36.42 on Friday. The firm’s 50 day simple moving average is $50.56 and its 200 day simple moving average is $43.63. The company 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 1-year low of $25.89 and a 1-year high of $84.64.
More IonQ News
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
Insider Activity at IonQ
In related news, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction 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 in the company, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the completion of the transaction, the director owned 62,608 shares of the company’s stock, valued at $3,444,692.16. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 13,102 shares of company stock worth $701,489. Corporate insiders own 0.55% of the company’s stock.
Analyst Ratings Changes
IONQ has been the subject of several analyst reports. Northland Securities raised their price target on shares of IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of IonQ in a report on Thursday, June 11th. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a research report on Monday, May 4th. JPMorgan Chase & Co. lifted their price objective on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Benchmark began coverage on IonQ in a research report on Monday. They set a “buy” rating and a $60.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $69.46.
View Our Latest Report on IonQ
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. 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.
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