Fund Advisors of America Inc FL Buys New Stake in IonQ, Inc. $IONQ

Fund Advisors of America Inc FL purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,311 shares of the company’s stock, valued at approximately $463,000.

Several other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of 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 buying an additional 5,420,037 shares during the last quarter. Norges Bank bought a new position in shares of IonQ in the 4th quarter valued at about $199,753,000. Marex Group plc grew its position 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 acquiring an additional 3,296,866 shares in the last quarter. State Street Corp grew its position in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock worth $402,160,000 after acquiring an additional 2,663,230 shares in the last quarter. Finally, Clear Street Group Inc. increased its stake in IonQ by 219.6% during the fourth quarter. Clear Street Group Inc. now owns 3,195,818 shares of the company’s stock worth $143,396,000 after acquiring an additional 2,196,017 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

Insider Buying and Selling

In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the transaction, the insider directly owned 139,967 shares in the company, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IONQ shares. Wedbush restated an “outperform” rating and set a $60.00 price objective on shares of IonQ in a research report on Monday, May 4th. Benchmark cut their target price on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Jefferies Financial Group set a $85.00 price target on IonQ in a report on Thursday, May 7th. Wall Street Zen upgraded IonQ from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.62.

IonQ Stock Down 0.1%

IONQ stock opened at $56.48 on Friday. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64. The firm has a market cap of $21.08 billion, a price-to-earnings ratio of -201.71 and a beta of 3.18. The business’s fifty day simple moving average is $53.01 and its two-hundred day simple moving average is $44.97.

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

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.