Edgestream Partners L.P. Takes Position in IonQ, Inc. $IONQ

Edgestream Partners L.P. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 32,510 shares of the company’s stock, valued at approximately $1,397,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Archer Investment Corp grew its stake in IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock worth $25,000 after buying an additional 322 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of IonQ during the first quarter valued at $35,000. Atlantic Union Bankshares Corp acquired a new position in shares of IonQ during the second quarter valued at $39,000. TD Waterhouse Canada Inc. grew its position in shares of IonQ by 28.4% during the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company’s stock worth $40,000 after acquiring an additional 223 shares during the last quarter. Finally, Huntington National Bank increased its holdings in shares of IonQ by 2,034.0% in the 2nd quarter. Huntington National Bank now owns 1,003 shares of the company’s stock worth $43,000 after acquiring an additional 956 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. initiated coverage on shares of IonQ in a research note on Thursday, November 20th. They set a “neutral” rating and a $47.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of IonQ in a report on Thursday, November 6th. Benchmark boosted their price objective on IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. DA Davidson increased their price objective on IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Finally, Rosenblatt Securities raised their target price on IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $66.00.

IonQ Price Performance

IONQ stock opened at $52.70 on Friday. The firm has a market cap of $18.31 billion, a PE ratio of -9.85 and a beta of 2.62. IonQ, Inc. has a 12 month low of $17.88 and a 12 month high of $84.64. The firm has a 50 day simple moving average of $58.49 and a 200 day simple moving average of $49.39.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The company had revenue of $39.87 million for the quarter, compared to analyst estimates of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. IonQ’s revenue was up 221.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.24) EPS. As a group, sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $46.89, for a total value of $4,689,000.00. Following the completion of the transaction, the executive owned 432,616 shares of the company’s stock, valued at approximately $20,285,364.24. This trade represents a 18.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul T. Dacier sold 4,175 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total transaction of $185,370.00. Following the sale, the insider directly owned 114,454 shares in the company, valued at approximately $5,081,757.60. This trade represents a 3.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 149,044 shares of company stock valued at $6,920,244 over the last 90 days. 5.20% of the stock is owned by 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.