Allstate Corp Buys Shares of 22,323 IonQ, Inc. $IONQ

Allstate Corp bought a new stake in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, Holdings Channel reports. The firm bought 22,323 shares of the company’s stock, valued at approximately $1,002,000.

Several other hedge funds and other institutional investors have also bought and sold shares of IONQ. Vanguard Group Inc. lifted its stake in IonQ by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock valued at $1,560,343,000 after acquiring an additional 5,420,037 shares during the period. Lansdowne Partners UK LLP lifted its stake in IonQ by 286.1% during the 3rd quarter. Lansdowne Partners UK LLP now owns 1,937,031 shares of the company’s stock valued at $119,127,000 after acquiring an additional 1,435,394 shares during the period. State Street Corp lifted its stake in IonQ by 19.9% during the 3rd quarter. State Street Corp now owns 6,299,559 shares of the company’s stock valued at $387,423,000 after acquiring an additional 1,043,878 shares during the period. Clear Street Group Inc. bought a new position in IonQ during the 3rd quarter valued at about $61,488,000. Finally, Ameriprise Financial Inc. lifted its stake in IonQ by 262.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 576,391 shares of the company’s stock valued at $24,768,000 after acquiring an additional 930,490 shares during the period. Institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

Shares of IONQ stock opened at $72.07 on Friday. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64. The company’s fifty day moving average price is $43.76 and its 200-day moving average price is $43.63. The company has a market capitalization of $26.90 billion, a price-to-earnings ratio of -257.38 and a beta of 3.05.

IonQ (NYSE:IONQ) last issued its quarterly 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 business had revenue of $64.67 million during the quarter, compared to analysts’ expectations of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The company’s quarterly revenue was up 754.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.14) EPS. Equities research analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, insider John W. Raymond sold 2,800 shares of IonQ stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the sale, the insider directly owned 83,963 shares in the company, valued at approximately $2,799,326.42. The trade was a 3.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert T. Cardillo sold 3,773 shares of IonQ stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value 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. This trade represents a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Jefferies Financial Group set a $85.00 target price on shares of IonQ in a research note on Thursday, May 7th. Morgan Stanley set a $48.50 price objective on shares of IonQ in a research note on Thursday, May 7th. Needham & Company LLC lowered their price objective on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Benchmark lowered their price objective on shares of IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of IonQ in a research note on Monday, May 4th. 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

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.