Corient Private Wealth LP Invests $1.40 Million in IonQ, Inc. $IONQ

Corient Private Wealth LP bought a new stake in shares of IonQ, Inc. (NYSE:IONQ) during the 2nd quarter, Holdings Channel reports. The fund bought 26,363 shares of the company’s stock, valued at approximately $1,404,000.

Several other hedge funds have also recently made changes to their positions in IONQ. Accent Capital Management LLC lifted its stake in IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in IonQ by 216.5% in the first quarter. EverSource Wealth Advisors LLC now owns 959 shares of the company’s stock valued at $28,000 after acquiring an additional 656 shares in the last quarter. PeakShares LLC purchased a new position in IonQ during the 1st quarter valued at $29,000. EFG International AG purchased a new position in IonQ during the 2nd quarter valued at $30,000. Finally, Beaird Harris Wealth Management LLC increased its position in IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after purchasing an additional 270 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other IonQ 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 transaction of $209,863.15. Following the completion of the transaction, the insider owned 80,148 shares of the company’s stock, valued at approximately $4,408,941.48. This trade represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of IonQ 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 owned 11,154 shares of the company’s stock, valued at $613,581.54. The trade was a 19.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,329 shares of company stock valued at $513,216 over the last quarter. Corporate insiders own 0.55% of the company’s stock.

IonQ Trading Up 3.9%

IONQ opened at $39.12 on Friday. The company has a market cap of $14.90 billion, a price-to-earnings ratio of -8.39 and a beta of 3.30. The stock has a fifty day simple moving average of $41.44 and a two-hundred day simple moving average of $43.56. IonQ, Inc. has a 12-month low of $25.89 and a 12-month high of $84.64.

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

Wall Street Analyst Weigh In

IONQ has been the subject of several research analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of IonQ in a research report on Thursday, August 6th. JPMorgan Chase & Co. boosted their price target on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Northland Securities increased their price target on shares of IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Morgan Stanley set a $49.00 price objective on shares of IonQ in a report on Thursday, August 6th. Finally, Weiss Ratings cut IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average price target of $69.92.

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. 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.