11,356 Shares in IonQ, Inc. $IONQ Acquired by Fund Advisors of America Inc FL

Fund Advisors of America Inc FL bought 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 bought 11,356 shares of the company’s stock, valued at approximately $605,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Accent Capital Management LLC grew 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 worth $26,000 after acquiring an additional 371 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of IonQ by 216.5% in 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 in the last quarter. PeakShares LLC acquired a new stake in shares of IonQ in the first quarter valued at $29,000. Beaird Harris Wealth Management LLC boosted 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 purchasing an additional 270 shares during the period. Finally, MWA Asset Management purchased a new position in IonQ in the first quarter valued at $32,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on IONQ shares. Northland Securities upped their price target on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 price target on shares of IonQ in a research report on Thursday, August 6th. Wall Street Zen cut IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Wedbush started coverage on IonQ in a research report on Monday, August 3rd. They set an “outperform” rating and a $75.00 price objective for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of IonQ in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.92.

Insiders Place Their Bets

In other news, Director Kathryn K. Chou sold 2,757 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the transaction, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. This represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John W. Raymond sold 3,815 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $209,863.15. Following the sale, the insider directly owned 80,148 shares in the company, valued at $4,408,941.48. This trade represents a 4.54% decrease in their position. 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 Trading Up 8.2%

IonQ stock opened at $44.95 on Friday. The stock has a market cap of $17.13 billion, a P/E ratio of -9.65 and a beta of 3.28. The company has a fifty day simple moving average of $44.36 and a 200-day simple moving average of $43.17. IonQ, Inc. has a 12-month low of $25.89 and a 12-month 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, 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 net margin of 553.27% and a negative return on equity of 22.29%. The company’s revenue was up 286.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.70) earnings per share. As a group, sell-side analysts forecast that IonQ, Inc. will post -2.86 earnings per share 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.