Savvy Advisors Inc. Takes $423,000 Position in IonQ, Inc. $IONQ

Savvy Advisors Inc. acquired a new stake in shares of IonQ, Inc. (NYSE:IONQ) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 9,846 shares of the company’s stock, valued at approximately $423,000.

Several other hedge funds have also recently added to or reduced their stakes in IONQ. GAMMA Investing LLC raised its position in IonQ by 116.7% in the first quarter. GAMMA Investing LLC now owns 2,462 shares of the company’s stock worth $54,000 after purchasing an additional 1,326 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in IonQ by 54.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,735 shares of the company’s stock worth $203,000 after purchasing an additional 3,068 shares in the last quarter. Vontobel Holding Ltd. raised its position in IonQ by 14.0% in the first quarter. Vontobel Holding Ltd. now owns 70,695 shares of the company’s stock worth $1,560,000 after purchasing an additional 8,677 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in IonQ in the first quarter worth about $628,000. Finally, Moody Aldrich Partners LLC acquired a new position in IonQ in the first quarter worth about $652,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insider Buying and Selling at IonQ

In other news, CFO Thomas G. Kramer sold 64,578 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total transaction of $2,700,651.96. Following the sale, the chief financial officer directly owned 473,302 shares of the company’s stock, valued at $19,793,489.64. This represents a 12.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert T. Cardillo sold 8,773 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $50.52, for a total transaction of $443,211.96. Following the sale, the insider directly owned 37,436 shares in the company, valued at $1,891,266.72. This trade represents a 18.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 131,398 shares of company stock valued at $5,665,690 over the last three months. Insiders own 5.20% of the company’s stock.

IonQ Trading Up 3.6%

Shares of IonQ stock opened at $62.33 on Friday. The stock has a market capitalization of $21.65 billion, a price-to-earnings ratio of -31.01 and a beta of 2.60. IonQ, Inc. has a 1-year low of $14.15 and a 1-year high of $84.64. The firm’s 50-day moving average price is $60.07 and its two-hundred day moving average price is $45.93.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The firm had revenue of $20.69 million for the quarter, compared to the consensus estimate of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.IonQ’s quarterly revenue was up 81.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.18) earnings per share. As a group, equities research analysts predict that IonQ, Inc. will post -0.86 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued a “peer perform” rating for the company. DA Davidson lowered shares of IonQ from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Thursday, August 7th. Benchmark increased their price target on shares of IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 price objective on shares of IonQ in a research note on Monday, September 15th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.33.

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.