Equitable Holdings Inc. purchased a new position in IonQ, Inc. (NYSE:IONQ – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 25,470 shares of the company’s stock, valued at approximately $1,357,000.
Several other hedge funds have also recently added to or reduced their stakes in IONQ. Swedbank AB bought a new stake in IonQ during the fourth quarter worth about $2,708,000. Jefferies Financial Group Inc. bought a new position in IonQ in the fourth quarter valued at approximately $3,271,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in IonQ by 96.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 125,556 shares of the company’s stock valued at $3,620,000 after purchasing an additional 61,656 shares in the last quarter. ProShare Advisors LLC increased its position in shares of IonQ by 30.3% during the 4th quarter. ProShare Advisors LLC now owns 62,184 shares of the company’s stock worth $2,790,000 after purchasing an additional 14,465 shares during the last quarter. Finally, Simplicity Wealth LLC acquired a new position in shares of IonQ during the 2nd quarter worth approximately $981,000. 41.42% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 price target on shares of IonQ in a research report on Thursday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of IonQ in a research report on Thursday, August 6th. Wedbush initiated coverage on shares of IonQ in a research note on Monday, August 3rd. They set an “outperform” rating and a $75.00 price objective on the stock. Morgan Stanley set a $49.00 target price on shares of IonQ in a report on Thursday, August 6th. Finally, Jefferies Financial Group set a $75.00 target price on shares of IonQ in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.92.
IonQ Stock Performance
IONQ stock opened at $39.18 on Friday. IonQ, Inc. has a 52 week low of $25.89 and a 52 week high of $84.64. The company has a market capitalization of $14.93 billion, a PE ratio of -8.41 and a beta of 3.28. The company’s 50-day simple moving average is $42.75 and its 200 day simple moving average is $43.36.
IonQ (NYSE:IONQ – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.23. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The company had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. During the same period last year, the firm earned ($0.70) earnings per share. The business’s revenue for the quarter was up 286.7% on a year-over-year basis. On average, analysts forecast that IonQ, Inc. will post -2.86 EPS for the current year.
Insider Buying and Selling
In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the transaction, the director owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $209,863.15. Following the completion of the transaction, the insider directly 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. Insiders have sold 9,329 shares of company stock valued at $513,216 over the last 90 days. 0.55% of the stock is owned by corporate 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. 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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