The Manufacturers Life Insurance Company Sells 10,317 Shares of IonQ, Inc. (NYSE:IONQ)

The Manufacturers Life Insurance Company lessened its stake in shares of IonQ, Inc. (NYSE:IONQ) by 8.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,465 shares of the company’s stock after selling 10,317 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in IonQ were worth $922,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Quest Partners LLC boosted its holdings in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new stake in IonQ in the 2nd quarter valued at $67,000. nVerses Capital LLC bought a new stake in IonQ during the 3rd quarter valued at $72,000. Mosley Wealth Management acquired a new position in IonQ during the second quarter worth $81,000. Finally, Xponance Inc. bought a new position in shares of IonQ in the second quarter valued at $88,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IONQ. Craig Hallum upped their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Stock Performance

NYSE:IONQ opened at $29.99 on Friday. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $38.45. The firm has a 50-day moving average price of $21.70 and a two-hundred day moving average price of $12.55. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of -39.01 and a beta of 2.47.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The business had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business’s revenue was up 102.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.22) earnings per share. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the sale, the executive now owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 66,000 shares of company stock worth $972,331. 11.60% of the stock is owned by company insiders.

IonQ 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.