Van ECK Associates Corp Reduces Position in IonQ, Inc. $IONQ

Van ECK Associates Corp trimmed its position in shares of IonQ, Inc. (NYSE:IONQ) by 3.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,203,346 shares of the company’s stock after selling 44,356 shares during the quarter. Van ECK Associates Corp’s holdings in IonQ were worth $64,090,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of IonQ by 12.5% during the first 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 period. Amundi bought a new position in shares of IonQ during the first quarter valued at approximately $630,000. AQR Capital Management LLC raised its holdings in shares of IonQ by 106.2% in the first 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of IonQ by 24.1% in the first 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 period. Finally, Focus Partners Wealth lifted its stake in shares of IonQ by 30.3% during the 1st quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after acquiring an additional 10,881 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IONQ has been the subject of a number of recent analyst reports. Northland Securities boosted their price objective on IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of IonQ in a research note on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Jefferies Financial Group set a $75.00 target price on IonQ in a research report on Thursday, August 6th. Finally, Benchmark reissued a “buy” rating and set a $60.00 target price on shares of IonQ in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and an average price target of $69.92.

Insiders Place Their Bets

In other IonQ news, Director Gabrielle B. Toledano sold 2,757 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the transaction, the director directly owned 11,154 shares in the company, valued at approximately $613,581.54. The trade was a 19.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 2,757 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the sale, the director directly owned 62,608 shares of the company’s stock, valued at approximately $3,444,692.16. The trade was a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 9,329 shares of company stock worth $513,216. 0.55% of the stock is owned by corporate insiders.

IonQ Trading Down 7.7%

Shares of NYSE:IONQ opened at $39.18 on Friday. IonQ, Inc. has a 12-month low of $25.89 and a 12-month high of $84.64. The business’s fifty day simple moving average is $42.75 and its 200-day simple moving average is $43.36. The company has a market capitalization of $14.93 billion, a PE ratio of -8.41 and a beta of 3.28.

IonQ (NYSE:IONQ) last issued its quarterly earnings data 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. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The firm had revenue of $80.05 million during the quarter, compared to analysts’ expectations of $66.47 million. During the same period in the prior year, the business posted ($0.70) EPS. The firm’s quarterly revenue was up 286.7% on a year-over-year basis. Research analysts predict that IonQ, Inc. will post -2.86 EPS for the current year.

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.