Yong Rong HK Asset Management Ltd Makes New $3.75 Million Investment in IonQ, Inc. (NYSE:IONQ)

Yong Rong HK Asset Management Ltd acquired a new stake in IonQ, Inc. (NYSE:IONQ) during the 3rd quarter, Holdings Channel.com reports. The firm acquired 428,900 shares of the company’s stock, valued at approximately $3,749,000. IonQ comprises approximately 1.1% of Yong Rong HK Asset Management Ltd’s portfolio, making the stock its 16th largest position.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Janney Montgomery Scott LLC raised its position in shares of IonQ by 283.1% in the first quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock valued at $1,121,000 after buying an additional 82,891 shares during the last quarter. StoneX Group Inc. acquired a new stake in shares of IonQ during the first quarter worth $420,000. SG Americas Securities LLC grew its position in shares of IonQ by 1,598.7% in the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock valued at $20,825,000 after purchasing an additional 1,961,909 shares during the period. Oppenheimer & Co. Inc. increased its stake in IonQ by 4.0% in the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Swiss National Bank lifted its position in IonQ by 14.8% during the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after buying an additional 44,200 shares during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the completion of the transaction, the executive now owns 638,908 shares in the company, valued at $7,488,001.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 66,000 shares of company stock worth $972,331 over the last quarter. 11.60% of the stock is owned by corporate insiders.

IonQ Stock Performance

IONQ opened at $14.85 on Friday. The company has a market cap of $3.18 billion, a PE ratio of -18.80 and a beta of 2.05. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $18.20. The firm has a 50 day moving average price of $10.00 and a 200 day moving average price of $8.62.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. During the same quarter last year, the firm posted ($0.16) EPS. The business’s revenue for the quarter was up 106.4% compared to the same quarter last year. On average, sell-side analysts predict that IonQ, Inc. will post -0.84 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd. The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Benchmark lowered their price objective on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Craig Hallum cut their target price on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th.

IonQ 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.