Cresset Asset Management LLC Reduces Stock Holdings in IonQ, Inc. $IONQ

Cresset Asset Management LLC decreased its holdings in IonQ, Inc. (NYSE:IONQ) by 11.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,859 shares of the company’s stock after selling 2,605 shares during the quarter. Cresset Asset Management LLC’s holdings in IonQ were worth $460,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cookson Peirce & Co. Inc. lifted its stake in IonQ by 59.4% in the first quarter. Cookson Peirce & Co. Inc. now owns 84,342 shares of the company’s stock worth $1,861,000 after acquiring an additional 31,418 shares during the period. Neuberger Berman Group LLC lifted its stake in IonQ by 30.5% in the first quarter. Neuberger Berman Group LLC now owns 193,127 shares of the company’s stock worth $4,262,000 after acquiring an additional 45,169 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in IonQ by 52,789.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 110,538 shares of the company’s stock worth $2,440,000 after acquiring an additional 110,329 shares during the period. Russell Investments Group Ltd. lifted its stake in IonQ by 242.4% in the first quarter. Russell Investments Group Ltd. now owns 19,217 shares of the company’s stock worth $424,000 after acquiring an additional 13,604 shares during the period. Finally, Independent Advisor Alliance lifted its stake in IonQ by 12.4% in the first quarter. Independent Advisor Alliance now owns 14,960 shares of the company’s stock worth $330,000 after acquiring an additional 1,647 shares during the period. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

Shares of NYSE:IONQ opened at $39.7910 on Monday. IonQ, Inc. has a 1-year low of $6.54 and a 1-year high of $54.74. The business has a fifty day moving average price of $41.61 and a 200-day moving average price of $34.23. The company has a market capitalization of $11.81 billion, a PE ratio of -19.80 and a beta of 2.54.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The company had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. During the same quarter in the previous year, the business earned ($0.18) earnings per share. IonQ’s revenue was up 81.6% compared to the same quarter last year. On average, sell-side analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 65,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $38.57, for a total transaction of $2,507,050.00. Following the sale, the executive directly owned 552,592 shares of the company’s stock, valued at $21,313,473.44. This trade represents a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Peter Hume Chapman sold 3,581,193 shares of the stock in a transaction on 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 in the company, valued at $14,883,244.77. This trade represents a 90.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,209,626 shares of company stock valued at $361,253,723 over the last ninety days. Insiders own 5.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on IONQ shares. Rosenblatt Securities started coverage on IonQ in a research note on Tuesday, July 29th. They issued a “buy” rating and a $70.00 price target for the company. DA Davidson downgraded IonQ from a “buy” rating to a “neutral” rating and set a $35.00 price objective for the company. in a report on Thursday, August 7th. Needham & Company LLC reiterated a “buy” rating on shares of IonQ in a report on Monday, August 4th. Benchmark increased their price objective on IonQ from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 7th. Finally, Cantor Fitzgerald began coverage on IonQ in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $45.00 price objective for the company. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

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.