Strategic Planning Group LLC Takes Position in IonQ, Inc. $IONQ

Strategic Planning Group LLC bought a new position in IonQ, Inc. (NYSE:IONQ) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 101,369 shares of the company’s stock, valued at approximately $6,234,000.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of IonQ by 15.2% during the second quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company’s stock valued at $1,064,257,000 after buying an additional 3,269,482 shares during the last quarter. Norges Bank purchased a new stake in IonQ during the 2nd quarter valued at about $114,767,000. JPMorgan Chase & Co. grew its position in IonQ by 648.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after acquiring an additional 2,317,058 shares during the last quarter. Ameriprise Financial Inc. increased its stake in IonQ by 262.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 576,391 shares of the company’s stock worth $24,768,000 after purchasing an additional 930,490 shares during the period. Finally, Amazon Com Inc. purchased a new position in IonQ in the 2nd quarter worth approximately $36,705,000. 41.42% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director William J. Teuber, Jr. purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average cost of $54.81 per share, with a total value of $109,620.00. Following the transaction, the director directly owned 6,413 shares in the company, valued at $351,496.53. This trade represents a 45.32% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathryn K. Chou sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $51.40, for a total value of $1,028,000.00. Following the transaction, the director directly owned 60,839 shares of the company’s stock, valued at approximately $3,127,124.60. This trade represents a 24.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 125,000 shares of company stock worth $5,992,000 in the last three months. 5.20% of the stock is owned by corporate insiders.

IonQ Stock Down 2.0%

IONQ opened at $49.73 on Thursday. IonQ, Inc. has a 52 week low of $17.88 and a 52 week high of $84.64. The stock has a market cap of $17.28 billion, a PE ratio of -9.30 and a beta of 2.63. The business has a 50 day moving average of $50.02 and a 200-day moving average of $50.82.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share 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 analysts’ expectations of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.IonQ’s revenue for the quarter was up 221.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.24) earnings per share. Equities analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Jefferies Financial Group initiated coverage on shares of IonQ in a research report on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of IonQ in a report on Thursday, November 20th. They set a “neutral” rating and a $47.00 target price for the company. Zacks Research raised IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Benchmark boosted their price target on IonQ from $55.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Finally, B. Riley increased their price objective on IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Nine research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, IonQ has an average rating of “Hold” and a consensus price target of $72.08.

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.