OP Asset Management Ltd Buys Shares of 29,592 IonQ, Inc. $IONQ

OP Asset Management Ltd purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 29,592 shares of the company’s stock, valued at approximately $853,000.

A number of other hedge funds have also modified their holdings of IONQ. Vanguard Group Inc. raised its holdings in shares of IonQ by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after acquiring an additional 5,420,037 shares in the last quarter. Norges Bank acquired a new stake in IonQ during the fourth quarter valued at $199,753,000. Marex Group plc grew its stake in IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after purchasing an additional 3,296,866 shares in the last quarter. State Street Corp grew its stake in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after purchasing an additional 2,663,230 shares in the last quarter. Finally, Clear Street Group Inc. increased its position in IonQ by 219.6% in the 4th quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock worth $143,396,000 after purchasing an additional 2,196,017 shares during the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on IONQ. Northland Securities raised their price target on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Jefferies Financial Group set a $85.00 price target on IonQ in a research note on Thursday, May 7th. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. Morgan Stanley set a $48.50 price objective on shares of IonQ in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus price target of $69.88.

IonQ Price Performance

IonQ stock opened at $53.99 on Tuesday. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64. The company’s fifty day moving average price is $55.27 and its two-hundred day moving average price is $45.04. The company has a market capitalization of $20.15 billion, a price-to-earnings ratio of -192.82 and a beta of 3.18.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The company had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ’s quarterly revenue was up 754.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.14) EPS. As a group, sell-side analysts anticipate that IonQ, Inc. will post -2.26 earnings per share for the current year.

Insider Buying and Selling

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the sale, the insider owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gabrielle B. Toledano sold 2,757 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the transaction, the director owned 11,154 shares in the company, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,102 shares of company stock valued at $701,489 over the last 90 days. 0.55% of the stock is currently owned by insiders.

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.