OP Asset Management Ltd Takes $853,000 Position in IonQ, Inc. $IONQ

OP Asset Management Ltd acquired a new position in IonQ, Inc. (NYSE:IONQ) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 29,592 shares of the company’s stock, valued at approximately $853,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ameriflex Group Inc. boosted its holdings in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares in the last quarter. Accent Capital Management LLC increased its holdings in shares of IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock valued at $26,000 after buying an additional 371 shares in the last quarter. Fortitude Family Office LLC increased its holdings in shares of IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock valued at $28,000 after buying an additional 608 shares in the last quarter. Beaird Harris Wealth Management LLC lifted its position in shares of IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after acquiring an additional 270 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock valued at $36,000 after acquiring an additional 279 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other IonQ news, insider John W. Raymond sold 3,815 shares of IonQ stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $209,863.15. Following the transaction, the insider owned 80,148 shares of the company’s stock, valued at $4,408,941.48. The trade was a 4.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kathryn K. Chou sold 2,757 shares of IonQ stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.02, for a total value of $151,690.14. Following the transaction, the director directly owned 62,608 shares in the company, valued at approximately $3,444,692.16. This trade represents a 4.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,102 shares of company stock valued at $701,489 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on IONQ. Jefferies Financial Group set a $85.00 price objective on IonQ in a research note on Thursday, May 7th. Wall Street Zen raised IonQ from a “strong sell” rating to a “sell” rating in a report on Saturday, June 13th. JPMorgan Chase & Co. increased their price target on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of IonQ in a research note on Thursday, June 11th. Finally, Morgan Stanley set a $48.50 price objective on IonQ in a report on Thursday, May 7th. Ten research 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 data from MarketBeat.com, IonQ has an average rating of “Moderate Buy” and an average price target of $69.88.

IonQ Stock Performance

NYSE IONQ opened at $53.99 on Tuesday. The firm’s 50 day moving average price is $55.27 and its two-hundred day moving average price is $45.04. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64. The stock has a market cap of $20.15 billion, a price-to-earnings ratio of -192.82 and a beta of 3.18.

IonQ (NYSE:IONQ) last released 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 business had revenue of $64.67 million during 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%. IonQ’s revenue for the quarter was up 754.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) EPS. On average, research analysts forecast that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

IonQ Company Profile

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.