Spear Advisors LLC Purchases Shares of 41,291 IonQ, Inc. $IONQ

Spear Advisors LLC purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) in the fourth quarter, Holdings Channel reports. The firm purchased 41,291 shares of the company’s stock, valued at approximately $1,853,000. IonQ accounts for approximately 1.3% of Spear Advisors LLC’s holdings, making the stock its 21st largest holding.

A number of other hedge funds have also recently bought and sold shares of IONQ. Royal Bank of Canada boosted its holdings in IonQ by 12.5% during the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after acquiring an additional 14,898 shares during the last quarter. Amundi purchased a new position in IonQ during the 1st quarter worth $630,000. AQR Capital Management LLC boosted its holdings in IonQ by 106.2% during the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after acquiring an additional 29,513 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in IonQ by 24.1% during the 1st 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 acquiring an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth boosted its holdings in 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.

Insider Buying and Selling at IonQ

In other IonQ news, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the sale, the insider directly owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This represents a 3.23% 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 3,773 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total value of $188,272.70. Following the sale, the insider owned 139,967 shares in the company, valued at approximately $6,984,353.30. This represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,354 shares of company stock valued at $504,428 over the last three months. 5.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. Weiss Ratings raised shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. DA Davidson cut their price objective on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Northland Securities began coverage on shares of IonQ in a report on Monday, April 20th. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $68.63.

IonQ Stock Performance

Shares of NYSE:IONQ opened at $52.53 on Thursday. The company’s 50-day moving average is $39.31 and its 200 day moving average is $43.16. The company has a market capitalization of $19.61 billion, a P/E ratio of -187.61 and a beta of 3.05. IonQ, Inc. has a fifty-two week low of $25.89 and a fifty-two week high of $84.64.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The company had revenue of $64.67 million during the quarter, compared to analysts’ expectations of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.IonQ’s quarterly revenue was up 754.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.14) earnings per share. As a group, research analysts predict that IonQ, Inc. will post -1.99 earnings per share for the current year.

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.