Savvy Advisors Inc. Takes Position in IonQ, Inc. $IONQ

Savvy Advisors Inc. acquired a new position in IonQ, Inc. (NYSE:IONQ) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,846 shares of the company’s stock, valued at approximately $423,000.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in IonQ by 0.6% in the first quarter. Vanguard Group Inc. now owns 21,497,964 shares of the company’s stock worth $474,460,000 after purchasing an additional 123,839 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in IonQ by 101.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company’s stock worth $20,476,000 after purchasing an additional 467,084 shares in the last quarter. UNICOM Systems Inc. boosted its holdings in IonQ by 77.4% in the first quarter. UNICOM Systems Inc. now owns 768,900 shares of the company’s stock worth $16,970,000 after purchasing an additional 335,429 shares in the last quarter. Deutsche Bank AG boosted its holdings in IonQ by 255.8% in the first quarter. Deutsche Bank AG now owns 761,066 shares of the company’s stock worth $16,797,000 after purchasing an additional 547,155 shares in the last quarter. Finally, Nuveen LLC bought a new stake in IonQ in the first quarter worth $12,193,000. 41.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC upped their price objective on shares of IonQ from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IonQ in a report on Wednesday, October 8th. Sanford C. Bernstein initiated coverage on shares of IonQ in a report on Wednesday, July 30th. They issued a “market perform” rating for the company. Benchmark upped their price target on shares of IonQ from $55.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Finally, Rosenblatt Securities restated a “buy” rating and set a $70.00 price target on shares of IonQ in a report on Monday, September 15th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.33.

IonQ Price Performance

IONQ stock opened at $62.33 on Friday. 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 of $60.07 and a two-hundred day moving average of $45.93. The stock has a market capitalization of $21.65 billion, a price-to-earnings ratio of -31.01 and a beta of 2.60.

IonQ (NYSE:IONQ) last released its quarterly 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). The firm had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The firm’s revenue was up 81.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.18) earnings per share. Equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, insider Paul T. Dacier sold 4,175 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $185,370.00. Following the completion of the transaction, the insider owned 114,454 shares of the company’s stock, valued at approximately $5,081,757.60. This represents a 3.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Masi Niccolo De sold 16,120 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $715,728.00. Following the transaction, the chief executive officer directly owned 1,181,186 shares of the company’s stock, valued at $52,444,658.40. This represents a 1.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 131,398 shares of company stock valued at $5,665,690 in the last three months. Company insiders own 5.20% 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.