Moors & Cabot Inc. Makes New Investment in IonQ, Inc. (NYSE:IONQ)

Moors & Cabot Inc. bought a new stake in IonQ, Inc. (NYSE:IONQ) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 10,500 shares of the company’s stock, valued at approximately $92,000.

Several other hedge funds have also added to or reduced their stakes in IONQ. Quest Partners LLC grew its holdings in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC bought a new stake in shares of IonQ in the second quarter valued at about $67,000. nVerses Capital LLC acquired a new position in shares of IonQ in the third quarter valued at about $72,000. Mosley Wealth Management bought a new position in IonQ during the second quarter worth about $81,000. Finally, Xponance Inc. acquired a new stake in IonQ in the 2nd quarter worth about $88,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now directly owns 592,658 shares in the company, valued at approximately $10,519,679.50. This represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.

IonQ Price Performance

Shares of IONQ opened at $31.80 on Monday. The firm has a 50 day simple moving average of $15.21 and a two-hundred day simple moving average of $10.34. IonQ, Inc. has a one year low of $6.22 and a one year high of $33.80. The company has a market cap of $6.88 billion, a P/E ratio of -39.26 and a beta of 1.89.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. IonQ’s quarterly revenue was up 102.1% on a year-over-year basis. During the same period last year, the firm posted ($0.22) EPS. On average, analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Needham & Company LLC raised their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group lowered their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum boosted their price target on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

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.