Rakuten Investment Management Inc. Buys New Shares in IonQ, Inc. $IONQ

Rakuten Investment Management Inc. purchased a new stake in IonQ, Inc. (NYSE:IONQ) in the second quarter, HoldingsChannel reports. The fund purchased 19,514 shares of the company’s stock, valued at approximately $1,051,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Accent Capital Management LLC lifted its stake in shares of IonQ by 171.8% in the fourth 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 period. EverSource Wealth Advisors LLC increased its stake 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 period. PeakShares LLC acquired a new position in IonQ in the 1st quarter valued at approximately $29,000. EFG International AG bought a new stake in shares of IonQ in the 2nd quarter worth approximately $30,000. Finally, Beaird Harris Wealth Management LLC lifted its position in shares of IonQ by 117.4% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock worth $31,000 after acquiring an additional 270 shares during the period. Institutional investors own 41.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of IonQ in a report on Thursday, August 6th. Wall Street Zen cut shares of IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price on shares of IonQ in a research report on Thursday, August 6th. Finally, Benchmark reissued a “buy” rating and issued a $60.00 target price on shares of IonQ in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, IonQ currently has an average rating of “Moderate Buy” and an average target price of $69.92.

Insider Activity at IonQ

In related news, insider John W. Raymond sold 3,815 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 $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 trade represents a 4.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kathryn K. Chou sold 2,757 shares of the business’s 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 in the company, valued at approximately $3,444,692.16. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 9,329 shares of company stock valued at $513,216 in the last ninety days. Insiders own 0.55% of the company’s stock.

IonQ Price Performance

IonQ stock opened at $39.31 on Tuesday. The firm has a market capitalization of $14.98 billion, a P/E ratio of -8.44 and a beta of 3.28. The stock has a fifty day moving average price of $42.37 and a two-hundred day moving average price of $43.45. IonQ, Inc. has a 52-week low of $25.89 and a 52-week high of $84.64.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating 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 the consensus estimate of $66.47 million. During the same quarter in the previous year, the company earned ($0.70) EPS. The firm’s revenue for the quarter was up 286.7% compared to the same quarter last year. On average, equities research analysts predict that IonQ, Inc. will post -2.86 EPS 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.