Morgens Waterfall Vintiadis & Co. Inc. Invests $2.09 Million in IonQ, Inc. (NYSE:IONQ)

Morgens Waterfall Vintiadis & Co. Inc. acquired a new position in IonQ, Inc. (NYSE:IONQ) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 50,000 shares of the company’s stock, valued at approximately $2,088,000. IonQ makes up approximately 1.6% of Morgens Waterfall Vintiadis & Co. Inc.’s holdings, making the stock its 21st biggest position.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after buying an additional 480 shares during the period. City State Bank purchased a new position in IonQ in the fourth quarter valued at $36,000. Miracle Mile Advisors LLC purchased a new stake in shares of IonQ during the fourth quarter worth about $835,000. Sovereign Financial Group Inc. grew its stake in IonQ by 13.3% during the 4th quarter. Sovereign Financial Group Inc. now owns 34,466 shares of the company’s stock valued at $1,440,000 after acquiring an additional 4,044 shares in the last quarter. Finally, Lauer Wealth LLC acquired a new position in IonQ in the 4th quarter valued at about $247,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at IonQ

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares in the company, valued at approximately $7,756,875.36. This trade represents a 82.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the sale, the chief financial officer now owns 944,510 shares of the company’s stock, valued at approximately $17,539,550.70. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Benchmark reduced their price target on IonQ from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. DA Davidson lowered their price target on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Morgan Stanley lifted their price objective on IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC cut their price objective on shares of IonQ from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.33.

IonQ Trading Up 0.9%

Shares of NYSE:IONQ opened at $33.19 on Wednesday. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74. The firm has a fifty day moving average price of $25.37 and a 200 day moving average price of $30.81. The stock has a market capitalization of $7.40 billion, a PE ratio of -40.97 and a beta of 2.46.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.19) earnings per share. On average, sell-side analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

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.