Jefferies Financial Group Inc. bought a new stake in shares of IonQ, Inc. (NYSE:IONQ – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 76,775 shares of the company’s stock, valued at approximately $4,089,000.
Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of IonQ by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after buying an additional 5,420,037 shares during the period. BlackRock Inc. purchased a new stake in IonQ during the second quarter valued at $1,112,945,000. State Street Corp lifted its holdings in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after acquiring an additional 2,663,230 shares during the period. Geode Capital Management LLC lifted its holdings in IonQ by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after acquiring an additional 1,452,463 shares during the period. Finally, Bank of America Corp DE purchased a new position in IonQ in the second quarter worth about $344,757,000. 41.42% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
IONQ has been the subject of a number of recent research reports. Morgan Stanley set a $49.00 price target on IonQ in a research note on Thursday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 price objective on shares of IonQ in a report on Thursday, August 6th. Wedbush assumed coverage on shares of IonQ in a research report on Monday, August 3rd. They set an “outperform” rating and a $75.00 target price for the company. Jefferies Financial Group set a $75.00 target price on shares of IonQ in a report on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of IonQ from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.92.
Insider Activity
In other news, Director Gabrielle B. Toledano sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $151,662.57. Following the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This trade represents a 19.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathryn K. Chou sold 2,757 shares of IonQ stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the transaction, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. This trade represents a 4.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 9,329 shares of company stock worth $513,216 in the last three months. Company insiders own 0.55% of the company’s stock.
IonQ Trading Down 7.7%
Shares of NYSE:IONQ opened at $39.18 on Friday. The stock has a 50 day moving average of $42.75 and a 200 day moving average of $43.36. The company has a market cap of $14.93 billion, a PE ratio of -8.41 and a beta of 3.28. IonQ, Inc. has a 12-month low of $25.89 and a 12-month high of $84.64.
IonQ (NYSE:IONQ – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (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 during the quarter, compared to analyst estimates of $66.47 million. During the same period in the prior year, the firm posted ($0.70) EPS. The firm’s quarterly revenue was up 286.7% compared to the same quarter last year. Equities research analysts predict that IonQ, Inc. will post -2.86 earnings per share for the current fiscal year.
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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