Bleakley Financial Group LLC Reduces Stock Position in IonQ, Inc. $IONQ

Bleakley Financial Group LLC lowered its position in IonQ, Inc. (NYSE:IONQ) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,209 shares of the company’s stock after selling 802 shares during the period. Bleakley Financial Group LLC’s holdings in IonQ were worth $782,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ameritas Advisory Services LLC bought a new stake in IonQ during the 2nd quarter worth approximately $46,000. Private Trust Co. NA bought a new position in shares of IonQ during the 2nd quarter valued at approximately $52,000. Close Asset Management Ltd bought a new stake in shares of IonQ in the 1st quarter worth about $35,000. SVB Wealth LLC bought a new stake in IonQ during the first quarter worth approximately $35,000. Finally, Golden State Wealth Management LLC raised its position in IonQ by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company’s stock valued at $36,000 after purchasing an additional 808 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Stock Up 1.6%

Shares of IonQ stock opened at $60.30 on Friday. The firm has a market capitalization of $20.95 billion, a P/E ratio of -30.00 and a beta of 2.60. IonQ, Inc. has a 52 week low of $14.15 and a 52 week high of $84.64. The company has a 50 day moving average price of $57.82 and a 200 day moving average price of $44.58.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.57). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The firm had revenue of $20.69 million during the quarter, compared to analysts’ expectations of $17.23 million. During the same quarter last year, the business earned ($0.18) EPS. The business’s revenue was up 81.6% on a year-over-year basis. As a group, research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ news, insider Robert T. Cardillo sold 8,773 shares of IonQ 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 completion of 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. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Masi Niccolo De sold 16,120 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $44.40, for a total value of $715,728.00. Following the sale, the chief executive officer directly owned 1,181,186 shares in the company, valued at approximately $52,444,658.40. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 131,398 shares of company stock worth $5,665,690. Corporate insiders own 5.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on IONQ shares. B. Riley lifted their target price on IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a research report on Saturday. Cantor Fitzgerald lifted their price objective on shares of IonQ from $45.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Zacks Research lowered IonQ from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Finally, Wolfe Research started coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued a “peer perform” rating for the company. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, IonQ currently has an average rating of “Hold” and a consensus price target of $58.33.

IonQ 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.