Moors & Cabot Inc. Raises Stock Position in IonQ, Inc. $IONQ

Moors & Cabot Inc. grew its holdings in IonQ, Inc. (NYSE:IONQ) by 74.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,950 shares of the company’s stock after buying an additional 26,075 shares during the period. Moors & Cabot Inc.’s holdings in IonQ were worth $2,619,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in IONQ. Amazon Com Inc. bought a new stake in shares of IonQ in the 2nd quarter worth about $36,705,000. Nuveen LLC purchased a new position in IonQ in the 1st quarter worth about $12,193,000. Deutsche Bank AG increased its stake in IonQ by 255.8% in the 1st quarter. Deutsche Bank AG now owns 761,066 shares of the company’s stock worth $16,797,000 after buying an additional 547,155 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in IonQ by 101.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 927,760 shares of the company’s stock worth $20,476,000 after buying an additional 467,084 shares during the period. Finally, UNICOM Systems Inc. increased its position in IonQ by 77.4% during the 1st quarter. UNICOM Systems Inc. now owns 768,900 shares of the company’s stock valued at $16,970,000 after purchasing an additional 335,429 shares during the period. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Up 3.7%

Shares of IonQ stock opened at $55.38 on Thursday. The firm’s 50 day moving average price is $61.00 and its 200-day moving average price is $46.56. IonQ, Inc. has a 52-week low of $15.85 and a 52-week high of $84.64. The company has a market cap of $19.24 billion, a P/E ratio of -27.55 and a beta of 2.59.

IonQ (NYSE:IONQ) last issued its quarterly earnings data 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). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The firm had revenue of $20.69 million during the quarter, compared to analysts’ expectations of $17.23 million. During the same period in the previous year, the firm earned ($0.18) EPS. The firm’s quarterly revenue was up 81.6% on a year-over-year basis. As a group, equities research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Transactions at IonQ

In other news, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $715,728.00. Following the transaction, the chief executive officer owned 1,181,186 shares of the company’s stock, valued at $52,444,658.40. The trade was a 1.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 19,976 shares of IonQ stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the transaction, the executive directly owned 532,616 shares in the company, valued at approximately $23,648,150.40. The trade was a 3.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 113,622 shares of company stock worth $4,931,896. 5.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on IONQ shares. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Oppenheimer started coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an “outperform” rating on the stock. DA Davidson downgraded shares of IonQ from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research report on Thursday, August 7th. Needham & Company LLC raised their target price on shares of IonQ from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Finally, Morgan Stanley raised their target price on shares of IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, IonQ currently has an average rating of “Hold” and a consensus price target of $61.44.

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.