Fisher Asset Management LLC Makes New Investment in IonQ, Inc. $IONQ

Fisher Asset Management LLC acquired a new stake in IonQ, Inc. (NYSE:IONQ) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 12,031 shares of the company’s stock, valued at approximately $517,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Archer Investment Corp increased its position in shares of IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in IonQ during the second quarter worth $39,000. Huntington National Bank increased its position in IonQ by 2,034.0% during the second quarter. Huntington National Bank now owns 1,003 shares of the company’s stock valued at $43,000 after acquiring an additional 956 shares during the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of IonQ by 28.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company’s stock valued at $40,000 after acquiring an additional 223 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of IonQ in the second quarter valued at $46,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

IonQ stock opened at $52.70 on Monday. The company has a market capitalization of $18.31 billion, a PE ratio of -9.85 and a beta of 2.62. The company has a 50 day moving average price of $58.49 and a 200-day moving average price of $49.60. IonQ, Inc. has a fifty-two week low of $17.88 and a fifty-two week high of $84.64.

IonQ (NYSE:IONQ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The firm had revenue of $39.87 million during the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The firm’s revenue for the quarter was up 221.5% compared to the same quarter last year. During the same period last year, the company earned ($0.24) EPS. On average, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at IonQ

In other news, Director William J. Teuber, Jr. purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the completion of the purchase, the director owned 6,413 shares in the company, valued at approximately $351,496.53. This represents a 45.32% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 100,000 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the completion of the sale, the executive directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 149,044 shares of company stock worth $6,920,244. Insiders own 5.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IONQ. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of IonQ in a research note on Thursday, November 6th. Cantor Fitzgerald boosted their target price on IonQ from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. JPMorgan Chase & Co. initiated coverage on IonQ in a research note on Thursday, November 20th. They set a “neutral” rating and a $47.00 target price on the stock. DA Davidson raised their price target on IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Finally, Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $66.00.

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.