IonQ, Inc. (NYSE:IONQ) Position Boosted by Perigon Wealth Management LLC

Perigon Wealth Management LLC boosted its stake in IonQ, Inc. (NYSE:IONQ) by 23.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,667 shares of the company’s stock after buying an additional 1,993 shares during the quarter. Perigon Wealth Management LLC’s holdings in IonQ were worth $235,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of IONQ. JPMorgan Chase & Co. lifted its stake in shares of IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of IonQ in the fourth quarter valued at approximately $29,519,000. Arrowstreet Capital Limited Partnership acquired a new position in IonQ in the 4th quarter valued at $29,513,000. Invesco Ltd. raised its holdings in IonQ by 439.3% in the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock worth $35,800,000 after acquiring an additional 698,146 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in IonQ by 475.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company’s stock worth $28,771,000 after acquiring an additional 569,061 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IONQ has been the subject of a number of recent analyst reports. DA Davidson decreased their price target on shares of IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 14th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective on shares of IonQ in a research note on Wednesday, June 11th. Benchmark reaffirmed a “buy” rating and set a $50.00 target price on shares of IonQ in a research report on Wednesday, June 25th. Finally, Morgan Stanley raised their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.00.

IonQ Stock Performance

Shares of IONQ stock opened at $40.18 on Wednesday. The stock has a market cap of $10.51 billion, a price-to-earnings ratio of -26.97 and a beta of 2.56. The firm has a fifty day moving average of $36.75 and a 200-day moving average of $33.92. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74.

IonQ (NYSE:IONQ) last posted its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.14. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The business had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. During the same quarter last year, the company earned ($0.19) EPS. IonQ’s revenue was down .2% on a year-over-year basis. On average, sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, Director Wendy Thomas sold 16,696 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $39.43, for a total transaction of $658,323.28. Following the sale, the director owned 61,145 shares in the company, valued at approximately $2,410,947.35. This represents a 21.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas G. Kramer sold 216,000 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $38.11, for a total value of $8,231,760.00. Following the completion of the sale, the chief financial officer owned 718,516 shares of the company’s stock, valued at approximately $27,382,644.76. This trade represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,972,201 shares of company stock worth $350,540,009 over the last ninety days. Company 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.