Purpose Unlimited Inc. Invests $784,000 in IonQ, Inc. $IONQ

Purpose Unlimited Inc. purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 17,482 shares of the company’s stock, valued at approximately $784,000.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in IonQ by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after purchasing an additional 5,420,037 shares in the last quarter. State Street Corp increased its stake in IonQ by 42.3% during the 4th 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. Geode Capital Management LLC increased its stake in IonQ by 21.9% during the 4th quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after purchasing an additional 1,452,463 shares in the last quarter. Norges Bank purchased a new position in IonQ in the fourth quarter worth about $199,753,000. Finally, Marex Group plc raised its holdings in IonQ by 419.1% in the fourth quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after buying an additional 3,296,866 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

Shares of IONQ opened at $56.48 on Friday. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64. The firm has a market capitalization of $21.08 billion, a P/E ratio of -201.71 and a beta of 3.18. The business has a fifty day moving average of $53.01 and a 200 day moving average of $44.97.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The firm had revenue of $64.67 million for the quarter, compared to analysts’ expectations of $49.75 million. During the same quarter last year, the company posted ($0.14) EPS. The firm’s revenue was up 754.7% compared to the same quarter last year. Analysts expect that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IONQ. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of IonQ in a research note on Thursday, June 11th. Morgan Stanley set a $48.50 price target on shares of IonQ in a research report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price objective on shares of IonQ in a report on Thursday, May 7th. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, DA Davidson cut their target price on IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.62.

Insider Activity

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the business’s stock in a transaction dated 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 directly owned 139,967 shares in the company, valued at $6,984,353.30. The trade was a 2.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by corporate 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.