Prudential PLC Makes New $443,000 Investment in IonQ, Inc. $IONQ

Prudential PLC purchased a new position in IonQ, Inc. (NYSE:IONQ) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 9,867 shares of the company’s stock, valued at approximately $443,000.

Other large investors have also recently modified their holdings of the company. Clear Street Group Inc. bought a new stake in shares of IonQ during the 3rd quarter valued at about $61,488,000. Swedbank AB bought a new stake in shares of IonQ during the 4th quarter valued at about $2,708,000. Western Wealth Management LLC boosted its stake in shares of IonQ by 222.8% during the 3rd quarter. Western Wealth Management LLC now owns 23,762 shares of the company’s stock valued at $1,461,000 after purchasing an additional 16,400 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of IonQ during the 4th quarter valued at about $3,271,000. Finally, ProShare Advisors LLC boosted its stake in shares of IonQ by 30.3% during the 4th quarter. ProShare Advisors LLC now owns 62,184 shares of the company’s stock valued at $2,790,000 after purchasing an additional 14,465 shares in the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

NYSE:IONQ opened at $62.70 on Tuesday. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64. The company’s 50-day simple moving average is $47.83 and its 200 day simple moving average is $44.25. The firm has a market capitalization of $23.40 billion, a P/E ratio of -223.93 and a beta of 3.18.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business had revenue of $64.67 million for the quarter, compared to the consensus estimate of $49.75 million. During the same period in the previous year, the firm earned ($0.14) EPS. The company’s revenue was up 754.7% on a year-over-year basis. On average, equities research analysts expect that IonQ, Inc. will post -2.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IONQ. Wall Street Zen raised shares of IonQ from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Jefferies Financial Group set a $85.00 price objective on shares of IonQ in a research note on Thursday, May 7th. Needham & Company LLC dropped their price objective on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, DA Davidson dropped their price objective on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.63.

Insider Activity

In other IonQ news, insider John W. Raymond sold 2,800 shares of IonQ stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the completion of the transaction, the insider directly owned 83,963 shares of the company’s stock, valued at approximately $2,799,326.42. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert T. Cardillo sold 3,773 shares of IonQ stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This trade represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is currently 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.