Allspring Global Investments Holdings LLC Buys 3,068 Shares of IonQ, Inc. (NYSE:IONQ)

Allspring Global Investments Holdings LLC grew its stake in IonQ, Inc. (NYSE:IONQ) by 54.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,735 shares of the company’s stock after acquiring an additional 3,068 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in IonQ were worth $203,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of IONQ. JPMorgan Chase & Co. increased its stake in IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in IonQ during the 4th quarter worth approximately $29,519,000. Arrowstreet Capital Limited Partnership bought a new stake in IonQ during the 4th quarter worth approximately $29,513,000. Invesco Ltd. grew its stake in shares of IonQ by 439.3% during 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of 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 in the last quarter. 41.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of IonQ in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $45.00 price target for the company. Benchmark raised their price target on shares of IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of IonQ in a research note on Wednesday, June 11th. 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 note on Thursday, May 8th. Finally, 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 research note on Monday, April 14th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.43.

IonQ Trading Down 8.9%

NYSE IONQ opened at $41.82 on Friday. The company has a market cap of $10.94 billion, a PE ratio of -28.07 and a beta of 2.55. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The stock has a 50 day moving average of $39.35 and a 200-day moving average of $34.14.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating 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 company had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. During the same quarter in the prior year, the firm posted ($0.19) EPS. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. As a group, sell-side analysts predict that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ 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 transaction, the director owned 61,145 shares in the company, valued at $2,410,947.35. This trade represents a 21.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Hume Chapman sold 1,497,311 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $39.93, for a total value of $59,787,628.23. Following the completion of the transaction, the insider directly owned 390,329 shares of the company’s stock, valued at approximately $15,585,836.97. This trade represents a 79.32% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,137,583 shares of company stock worth $357,962,352. 5.20% of the stock is currently owned by corporate insiders.

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.