Encore Global Management LP Takes Position in IonQ, Inc. $IONQ

Encore Global Management LP purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 12,500 shares of the company’s stock, valued at approximately $666,000.

Several other hedge funds have also made changes to their positions in the stock. Bogart Wealth LLC boosted its position in IonQ by 24.4% during the 1st quarter. Bogart Wealth LLC now owns 1,273 shares of the company’s stock valued at $37,000 after purchasing an additional 250 shares during the period. Beaird Harris Wealth Management LLC increased its position in IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after buying an additional 270 shares during the period. EverSource Wealth Advisors LLC increased its position in IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after buying an additional 279 shares during the period. ABN Amro Investment Solutions lifted its stake in IonQ by 2.5% in the first quarter. ABN Amro Investment Solutions now owns 12,314 shares of the company’s stock valued at $355,000 after buying an additional 295 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in IonQ by 26.1% in the second quarter. Versant Capital Management Inc now owns 1,491 shares of the company’s stock valued at $79,000 after buying an additional 309 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

IONQ opened at $44.95 on Friday. The stock’s 50 day moving average price is $44.36 and its 200 day moving average price is $43.17. The stock has a market cap of $17.13 billion, a P/E ratio of -9.65 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) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.23. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The company had revenue of $80.05 million during the quarter, compared to analyst estimates of $66.47 million. During the same quarter in the previous year, the firm posted ($0.70) EPS. The firm’s quarterly revenue was up 286.7% on a year-over-year basis. Equities analysts anticipate that IonQ, Inc. will post -2.86 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on IONQ. Benchmark reissued a “buy” rating and set a $60.00 price target on shares of IonQ in a report on Thursday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $70.00 price objective on shares of IonQ in a research report on Thursday, August 6th. JPMorgan Chase & Co. lifted their price objective on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d+)” rating on shares of IonQ in a research note on Friday, August 7th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of IonQ in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $69.92.

Insider Activity at IonQ

In related news, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction dated 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. The trade was a 19.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of the stock in a transaction dated Thursday, June 18th. The shares were 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 represents a 4.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,329 shares of company stock worth $513,216 over the last ninety days. 0.55% of the stock is currently owned by corporate insiders.

IonQ Company Profile

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.