American Alpha Advisors LLC Acquires 40,000 Shares of IonQ, Inc. $IONQ

American Alpha Advisors LLC boosted its stake in IonQ, Inc. (NYSE:IONQ) by 400.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 50,000 shares of the company’s stock after acquiring an additional 40,000 shares during the period. IonQ accounts for 2.1% of American Alpha Advisors LLC’s portfolio, making the stock its 16th biggest position. American Alpha Advisors LLC’s holdings in IonQ were worth $3,075,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in IONQ. Vanguard Group Inc. lifted its holdings in IonQ by 15.2% in the second quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company’s stock valued at $1,064,257,000 after buying an additional 3,269,482 shares during the period. Geode Capital Management LLC raised its position in IonQ by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock valued at $229,422,000 after buying an additional 705,301 shares during the last quarter. State Street Corp grew its position in IonQ by 15.1% in the 2nd quarter. State Street Corp now owns 5,255,681 shares of the company’s stock worth $225,837,000 after purchasing an additional 688,663 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of IonQ by 648.5% during the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock valued at $114,917,000 after acquiring an additional 2,317,058 shares during the last quarter. Finally, Norges Bank purchased a new stake in IonQ during the second quarter worth about $114,767,000. Institutional investors own 41.42% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Jefferies Financial Group initiated coverage on shares of IonQ in a report on Tuesday, December 16th. They issued a “buy” rating and a $100.00 price objective for the company. Rosenblatt Securities boosted their target price on IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Wedbush assumed coverage on shares of IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 target price on the stock. Zacks Research upgraded shares of IonQ from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Finally, B. Riley lifted their price objective on shares of IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.91.

IonQ Stock Performance

IonQ stock opened at $50.80 on Tuesday. IonQ, Inc. has a fifty-two week low of $17.88 and a fifty-two week high of $84.64. The stock’s 50 day simple moving average is $48.78 and its two-hundred day simple moving average is $51.36. The stock has a market cap of $17.65 billion, a price-to-earnings ratio of -9.50 and a beta of 2.63.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The company had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The firm’s quarterly revenue was up 221.5% on a year-over-year basis. During the same period last year, the business earned ($0.24) EPS. On average, analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, Director William J. Teuber, Jr. acquired 2,000 shares of IonQ stock in a transaction that occurred on Tuesday, November 11th. The stock was bought at an average cost of $54.81 per share, for a total transaction of $109,620.00. Following the acquisition, the director owned 6,413 shares of the company’s stock, valued at $351,496.53. This represents a 45.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kathryn K. Chou sold 5,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $55.00, for a total value of $275,000.00. Following the completion of the transaction, the director directly owned 60,839 shares of the company’s stock, valued at approximately $3,346,145. This trade represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 125,000 shares of company stock valued at $5,992,000. Corporate insiders own 5.20% of the company’s stock.

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.