Profund Advisors LLC Purchases 19,831 Shares of IonQ, Inc. $IONQ

Profund Advisors LLC purchased a new stake in IonQ, Inc. (NYSE:IONQ) in the 3rd quarter, according to its most recent filing with the SEC. The fund purchased 19,831 shares of the company’s stock, valued at approximately $870,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Capital Wealth Advisors purchased a new stake in IonQ during the third quarter worth approximately $763,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of IonQ by 96.5% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 125,556 shares of the company’s stock worth $3,620,000 after acquiring an additional 61,656 shares in the last quarter. Simplicity Wealth LLC acquired a new position in shares of IonQ in the 2nd quarter valued at about $981,000. Swedbank AB grew its stake in IonQ by 147.7% during the 1st quarter. Swedbank AB now owns 149,503 shares of the company’s stock worth $4,310,000 after buying an additional 89,148 shares during the last quarter. Finally, Weiss Asset Management LP bought a new stake in shares of IonQ during the first quarter valued at approximately $663,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Stock Up 6.8%

Shares of IONQ opened at $30.08 on Wednesday. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $73.65. The firm’s 50 day moving average price is $37.64 and its two-hundred day moving average price is $41.88.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.23. The firm had revenue of $80.05 million during the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%. The business’s revenue was up 286.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.70) EPS. On average, equities analysts forecast that IonQ, Inc. will post -2.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IONQ. Weiss Ratings lowered shares of IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research note on Tuesday, October 13th. Mizuho cut their target price on IonQ from $61.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, September 9th. Wedbush reiterated an “outperform” rating and issued a $75.00 price target on shares of IonQ in a research report on Tuesday, October 13th. Finally, Morgan Stanley decreased their price objective on shares of IonQ from $49.00 to $43.00 and set an “equal weight” rating on the stock in a report on Thursday, October 15th. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.23.

IonQ News Summary

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: South Korea plans to integrate a national supercomputer with an IonQ quantum system, a development that could demonstrate a practical application for IonQ’s technology. South Korea to Integrate National Supercomputer with IonQ Quantum System
• Positive Sentiment: A recent report highlighted IonQ’s 287% second-quarter revenue growth and completion of its SkyWater Technology acquisition, which gives the company greater control over chip manufacturing. These developments support the company’s growth and execution story. 2 Unstoppable Quantum Computing Stocks to Buy Hand Over Fist Before the Next Rally
• Neutral Sentiment: B. Riley lowered its price target to $75 from $100 but maintained a Buy rating. The reduced target is a setback, though the firm still sees substantial potential upside from the share price cited in the report. Could IonQ Actually Climb 162%? Or Is B. Riley Totally Wrong?
• Negative Sentiment: IonQ shares were reported down 32% over the past month as quantum-computing stocks broadly sold off. Reports attribute pressure on the sector to weakness in technology shares and waning appetite for speculative growth investments, keeping near-term sentiment and valuation in focus. IonQ Just Dropped 32% In a Month: Is IONQ Stock Hopeless or Ready for a Rebound? Quantum Stocks Plunge in October: Can Q3 Earnings Halt the Slide?

Insider Activity at IonQ

In related news, insider John Raymond sold 2,407 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $37.21, for a total transaction of $89,564.47. Following the transaction, the insider directly owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. The trade was a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.55% of the company’s stock.

About IonQ

IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.

The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.