Teacher Retirement System of Texas Buys Shares of 28,452 IonQ, Inc. (NYSE:IONQ)

Teacher Retirement System of Texas acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 28,452 shares of the company’s stock, valued at approximately $628,000.

Other institutional investors also recently modified their holdings of the company. ORG Partners LLC grew its stake in IonQ by 348.0% during the first quarter. ORG Partners LLC now owns 1,120 shares of the company’s stock worth $26,000 after buying an additional 870 shares during the last quarter. Measured Risk Portfolios Inc. acquired a new position in IonQ in the fourth quarter worth $27,000. TD Waterhouse Canada Inc. bought a new stake in shares of IonQ during the fourth quarter worth $33,000. Future Financial Wealth Managment LLC increased its stake in shares of IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company’s stock valued at $34,000 after buying an additional 1,295 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IONQ. Cantor Fitzgerald initiated coverage on shares of IonQ in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $45.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of IonQ in a report on Wednesday, June 11th. Morgan Stanley increased their price objective on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Benchmark boosted their target price on IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Finally, DA Davidson cut their price target on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.43.

Insider Buying and Selling at IonQ

In other news, insider Peter Hume Chapman sold 3,581,193 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $38.13, for a total value of $136,550,889.09. Following the sale, the insider directly owned 390,329 shares of the company’s stock, valued at approximately $14,883,244.77. This represents a 90.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Masi Niccolo De sold 2,597,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total value of $104,783,150.00. Following the completion of the sale, the chief executive officer directly owned 711,987 shares of the company’s stock, valued at approximately $28,721,555.58. The trade was a 78.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,144,372 shares of company stock valued at $358,255,229 in the last 90 days. 5.20% of the stock is currently owned by corporate insiders.

IonQ Trading Down 1.9%

NYSE IONQ opened at $41.59 on Wednesday. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The stock has a 50-day simple moving average of $39.85 and a 200 day simple moving average of $34.00. The company has a market capitalization of $10.88 billion, a PE ratio of -27.91 and a beta of 2.55.

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

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.