Hsbc Holdings PLC Makes New $8.15 Million Investment in IonQ, Inc. $IONQ

Hsbc Holdings PLC bought a new position in IonQ, Inc. (NYSE:IONQ) in the second quarter, HoldingsChannel reports. The fund bought 152,648 shares of the company’s stock, valued at approximately $8,154,000.

Several other hedge funds and other institutional investors have also bought and sold shares of IONQ. Accent Capital Management LLC raised its stake in IonQ by 171.8% during the 4th quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after buying an additional 371 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in IonQ by 216.5% during the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after acquiring an additional 656 shares during the last quarter. PeakShares LLC bought a new position in IonQ in the first quarter valued at about $29,000. EFG International AG bought a new position in IonQ in the second quarter valued at about $30,000. Finally, Beaird Harris Wealth Management LLC lifted its holdings in IonQ by 117.4% in 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 during the period. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

Shares of IonQ stock opened at $39.18 on Friday. The stock has a market cap of $14.93 billion, a P/E ratio of -8.41 and a beta of 3.28. The stock’s fifty day moving average is $42.75 and its 200 day moving average is $43.36. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.23. The business had revenue of $80.05 million during the quarter, compared to analyst estimates of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.IonQ’s revenue for the quarter was up 286.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.70) earnings per share. Analysts predict that IonQ, Inc. will post -2.86 EPS for the current year.

Analyst Ratings Changes

IONQ has been the subject of a number of recent research reports. Jefferies Financial Group set a $75.00 price target on IonQ in a research note on Thursday, August 6th. Wedbush assumed coverage on shares of IonQ in a research note on Monday, August 3rd. They issued an “outperform” rating and a $75.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 price objective on shares of IonQ in a report on Thursday, August 6th. Northland Securities boosted their target price on shares of IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of IonQ in a report on Thursday, August 6th. 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 company. According to data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and a consensus price target of $69.92.

Insider Activity

In related news, insider John W. Raymond sold 3,815 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the transaction, the insider directly owned 80,148 shares in the company, valued at approximately $4,408,941.48. The trade was a 4.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the transaction, the director owned 11,154 shares of the company’s stock, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,329 shares of company stock valued at $513,216 in the last ninety days. Corporate insiders own 0.55% of the company’s stock.

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.