Bank of New York Mellon Corp Purchases 294,881 Shares of IonQ, Inc. $IONQ

Bank of New York Mellon Corp grew its position in IonQ, Inc. (NYSE:IONQ) by 34.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,139,217 shares of the company’s stock after acquiring an additional 294,881 shares during the quarter. Bank of New York Mellon Corp’s holdings in IonQ were worth $48,952,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Close Asset Management Ltd acquired a new position in shares of IonQ in the first quarter valued at $35,000. SVB Wealth LLC acquired a new stake in IonQ during the first quarter worth $35,000. Ameritas Advisory Services LLC bought a new stake in IonQ in the 2nd quarter valued at $46,000. Spire Wealth Management increased its holdings in IonQ by 58.0% in the 2nd quarter. Spire Wealth Management now owns 1,090 shares of the company’s stock valued at $47,000 after buying an additional 400 shares during the period. Finally, Private Trust Co. NA acquired a new position in shares of IonQ in the 2nd quarter valued at $52,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insider Buying and Selling

In related news, CFO Thomas G. Kramer sold 64,578 shares of IonQ stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $41.82, for a total value of $2,700,651.96. Following the completion of the transaction, the chief financial officer directly owned 473,302 shares of the company’s stock, valued at $19,793,489.64. The trade was a 12.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert T. Cardillo sold 8,773 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the transaction, the insider owned 37,436 shares in the company, valued at approximately $1,891,266.72. This trade represents a 18.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 113,622 shares of company stock valued at $4,931,896 in the last 90 days. 5.20% of the stock is owned by corporate insiders.

IonQ Trading Down 1.8%

NYSE:IONQ opened at $54.39 on Wednesday. The stock has a market capitalization of $18.90 billion, a P/E ratio of -10.17 and a beta of 2.59. IonQ, Inc. has a 1 year low of $17.88 and a 1 year high of $84.64. The firm has a 50 day moving average of $62.09 and a 200-day moving average of $47.54.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The business had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. During the same quarter last year, the company earned ($0.24) earnings per share. The firm’s revenue was up 221.5% on a year-over-year basis. IonQ has set its FY 2025 guidance at EPS. As a group, analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. B. Riley lifted their target price on shares of IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Morgan Stanley lifted their price objective on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Oppenheimer initiated coverage on IonQ in a report on Wednesday, July 30th. They issued an “outperform” rating for the company. Rosenblatt Securities raised their target price on IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Finally, Cantor Fitzgerald upped their price target on IonQ from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $68.11.

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.