Van ECK Associates Corp Sells 44,356 Shares of IonQ, Inc. $IONQ

Van ECK Associates Corp trimmed its stake in shares of IonQ, Inc. (NYSE:IONQ) by 3.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,203,346 shares of the company’s stock after selling 44,356 shares during the period. Van ECK Associates Corp owned 0.32% of IonQ worth $64,090,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Monetta Financial Services Inc. purchased a new stake in IonQ in the 2nd quarter worth $1,012,000. Nissay Asset Management Corp Japan grew its position in shares of IonQ by 14.2% during the second quarter. Nissay Asset Management Corp Japan now owns 44,064 shares of the company’s stock valued at $2,347,000 after purchasing an additional 5,483 shares in the last quarter. Navellier & Associates Inc. grew its position in shares of IonQ by 21.6% during the second quarter. Navellier & Associates Inc. now owns 23,365 shares of the company’s stock valued at $1,244,000 after purchasing an additional 4,145 shares in the last quarter. Archer Investment Corp bought a new stake in shares of IonQ in the second quarter worth about $25,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of IonQ in the second quarter worth about $583,000. 41.42% of the stock is currently owned by institutional investors.

IonQ Stock Down 7.7%

IonQ stock opened at $39.18 on Friday. The company’s 50-day moving average price is $42.75 and its 200-day moving average price is $43.36. The company has a market cap of $14.93 billion, a PE ratio of -8.41 and a beta of 3.28. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating 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 firm’s revenue for the quarter was up 286.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.70) EPS. As a group, sell-side analysts expect that IonQ, Inc. will post -2.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IONQ has been the subject of a number of research reports. Wall Street Zen lowered IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. raised their price target on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Wedbush assumed coverage on IonQ in a research note on Monday, August 3rd. They issued an “outperform” rating and a $75.00 price objective on the stock. Jefferies Financial Group set a $75.00 price objective on IonQ in a report on Thursday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price on shares of IonQ in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

Insider Buying and Selling at IonQ

In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This represents a 19.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John W. Raymond sold 3,815 shares of the firm’s 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 $209,863.15. Following the completion of the sale, the insider directly owned 80,148 shares of the company’s stock, valued at $4,408,941.48. The trade was a 4.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,329 shares of company stock worth $513,216 over the last ninety days. Company insiders own 0.55% of the company’s stock.

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. 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.