Public Employees Retirement System of Ohio Purchases New Shares in IonQ, Inc. $IONQ

Public Employees Retirement System of Ohio bought a new position in IonQ, Inc. (NYSE:IONQ) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 104,610 shares of the company’s stock, valued at approximately $5,572,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock valued at $2,962,000 after buying an additional 14,898 shares during the last quarter. Amundi purchased a new position in shares of IonQ in the 1st quarter worth approximately $630,000. AQR Capital Management LLC boosted its stake in shares of IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after buying an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of IonQ by 24.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock worth $9,932,000 after buying an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth grew its holdings in shares of IonQ by 30.3% in the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $1,032,000 after acquiring an additional 10,881 shares in the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IONQ. Wedbush assumed coverage on IonQ in a report on Monday, August 3rd. They set an “outperform” rating and a $75.00 price target on the stock. Jefferies Financial Group set a $75.00 price objective on IonQ in a research note on Thursday, August 6th. JPMorgan Chase & Co. raised their target price on IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Weiss Ratings cut IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 price target on shares of IonQ in a report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

IonQ Stock Down 0.3%

Shares of NYSE:IONQ opened at $37.65 on Thursday. The firm has a market capitalization of $14.35 billion, a PE ratio of -8.08 and a beta of 3.30. The company has a 50-day moving average price of $41.66 and a two-hundred day moving average price of $43.52. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.23. The company had revenue of $80.05 million for the quarter, compared to analysts’ expectations of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. IonQ’s revenue was up 286.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.70) EPS. Analysts anticipate that IonQ, Inc. will post -2.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, insider John W. Raymond sold 3,815 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $209,863.15. Following the completion of the transaction, the insider directly owned 80,148 shares in the company, valued at approximately $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gabrielle B. Toledano sold 2,757 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $151,662.57. Following the transaction, the director directly owned 11,154 shares of the company’s stock, valued at approximately $613,581.54. This represents a 19.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,329 shares of company stock valued at $513,216 in the last quarter. 0.55% of the stock is currently owned by corporate insiders.

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. 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.