October Effect Ltd Makes New Investment in IonQ, Inc. $IONQ

October Effect Ltd bought a new stake in IonQ, Inc. (NYSE:IONQ) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 22,000 shares of the company’s stock, valued at approximately $1,353,000. IonQ makes up approximately 1.5% of October Effect Ltd’s investment portfolio, making the stock its 19th largest position.

A number of other hedge funds have also made changes to their positions in the stock. Amazon Com Inc. bought a new stake in shares of IonQ in the 2nd quarter worth about $36,705,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in IonQ in the third quarter worth about $806,000. Y Intercept Hong Kong Ltd bought a new stake in IonQ in the second quarter valued at about $6,104,000. Norges Bank bought a new stake in IonQ in the second quarter valued at about $114,767,000. Finally, Union Bancaire Privee UBP SA raised its stake in IonQ by 8,150.0% during the second quarter. Union Bancaire Privee UBP SA now owns 82,500 shares of the company’s stock valued at $3,545,000 after buying an additional 81,500 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Price Performance

Shares of NYSE IONQ opened at $47.32 on Friday. IonQ, Inc. has a 1-year low of $17.88 and a 1-year high of $84.64. The business’s fifty day moving average price is $48.74 and its two-hundred day moving average price is $51.43. The firm has a market capitalization of $16.44 billion, a PE ratio of -8.84 and a beta of 2.63.

IonQ (NYSE:IONQ) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The business’s revenue was up 221.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.24) EPS. Equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In other IonQ 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 bought at an average price of $54.81 per share, with a total value of $109,620.00. Following the completion of the acquisition, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn K. Chou sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $51.40, for a total value of $1,028,000.00. Following the transaction, the director owned 60,839 shares of the company’s stock, valued at approximately $3,127,124.60. This represents a 24.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 125,000 shares of company stock valued at $5,992,000 in the last ninety days. Company insiders own 5.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IONQ shares. DA Davidson lifted their target price on IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Zacks Research upgraded IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Jefferies Financial Group started coverage on shares of IonQ in a research note on Tuesday, December 16th. They set a “buy” rating and a $100.00 target price for the company. Cantor Fitzgerald raised their price target on shares of IonQ from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, Wedbush started coverage on shares of IonQ in a report on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price target for the company. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.91.

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.