Wolverine Asset Management LLC Raises Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Wolverine Asset Management LLC lifted its holdings in shares of IonQ, Inc. (NYSE:IONQFree Report) by 352.4% during the first quarter, HoldingsChannel.com reports. The fund owned 13,508 shares of the company’s stock after purchasing an additional 10,522 shares during the quarter. Wolverine Asset Management LLC’s holdings in IonQ were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of IONQ. Measured Risk Portfolios Inc. acquired a new stake in IonQ during the 4th quarter worth $27,000. TD Waterhouse Canada Inc. acquired a new stake in shares of IonQ during the fourth quarter worth about $33,000. Virtus Fund Advisers LLC acquired a new stake in shares of IonQ during the fourth quarter worth about $42,000. ORG Partners LLC grew its holdings in shares of IonQ by 348.0% during the first quarter. ORG Partners LLC now owns 1,120 shares of the company’s stock worth $26,000 after buying an additional 870 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in IonQ by 780.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company’s stock valued at $34,000 after acquiring an additional 1,295 shares during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 45,000 shares of the firm’s stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the completion of the transaction, the executive directly owned 552,592 shares of the company’s stock, valued at $25,518,698.56. This trade represents a 7.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 17,776 shares of IonQ stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $41.28, for a total value of $733,793.28. Following the transaction, the chief financial officer owned 537,880 shares of the company’s stock, valued at $22,203,686.40. This represents a 3.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,209,626 shares of company stock valued at $361,253,723 in the last quarter. Insiders own 5.20% of the company’s stock.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating on shares of IonQ in a research report on Monday, August 4th. Oppenheimer assumed coverage on IonQ in a report on Wednesday, July 30th. They set an “outperform” rating for the company. Cantor Fitzgerald initiated coverage on shares of IonQ in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $45.00 price objective on the stock. Benchmark upped their price objective on shares of IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Finally, Morgan Stanley raised their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 8th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.00.

Check Out Our Latest Analysis on IONQ

IonQ Stock Up 3.5%

Shares of IONQ opened at $41.90 on Monday. IonQ, Inc. has a 52-week low of $6.54 and a 52-week high of $54.74. The company has a 50-day simple moving average of $41.42 and a 200-day simple moving average of $34.24. The company has a market capitalization of $10.96 billion, a PE ratio of -20.85 and a beta of 2.54.

IonQ (NYSE:IONQGet Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The firm had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The firm’s revenue for the quarter was up 81.6% on a year-over-year basis. During the same period last year, the company posted ($0.18) EPS. On average, research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

IonQ Profile

(Free Report)

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.

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Institutional Ownership by Quarter for IonQ (NYSE:IONQ)

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