Patriot Financial Group Insurance Agency LLC Grows Holdings in IonQ, Inc. $IONQ

Patriot Financial Group Insurance Agency LLC boosted its position in shares of IonQ, Inc. (NYSE:IONQ) by 155.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,600 shares of the company’s stock after acquiring an additional 31,993 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in IonQ were worth $1,516,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in IONQ. Vanguard Group Inc. increased its stake in shares of IonQ by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company’s stock worth $1,560,343,000 after purchasing an additional 5,420,037 shares in the last quarter. State Street Corp lifted its stake in shares of IonQ by 42.3% during the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after buying an additional 2,663,230 shares in the last quarter. Geode Capital Management LLC boosted its holdings in IonQ by 21.9% in the 4th quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock worth $361,624,000 after buying an additional 1,452,463 shares during the period. Norges Bank bought a new position in IonQ in the 4th quarter worth $199,753,000. Finally, Marex Group plc increased its stake in IonQ by 419.1% in the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock worth $183,225,000 after buying an additional 3,296,866 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Insider Transactions at IonQ

In other news, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the sale, the director directly owned 11,154 shares of the company’s stock, 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 this hyperlink. Also, Director Kathryn K. Chou sold 2,757 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the sale, the director owned 62,608 shares in the company, valued at $3,444,692.16. This represents a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,102 shares of company stock worth $701,489. 0.55% of the stock is currently owned by company insiders.

IonQ Stock Performance

IONQ opened at $53.99 on Tuesday. The stock has a market capitalization of $20.15 billion, a price-to-earnings ratio of -192.82 and a beta of 3.18. The company has a fifty day moving average of $55.27 and a 200 day moving average of $45.04. IonQ, Inc. has a fifty-two week low of $25.89 and a fifty-two week high of $84.64.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The company had revenue of $64.67 million during the quarter, compared to analysts’ expectations of $49.75 million. During the same quarter in the previous year, the firm earned ($0.14) EPS. The firm’s revenue for the quarter was up 754.7% compared to the same quarter last year. On average, equities research analysts forecast that IonQ, Inc. will post -2.26 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Jefferies Financial Group set a $85.00 price objective on IonQ in a research note on Thursday, May 7th. Northland Securities increased their target price on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Wedbush reissued an “outperform” rating and set a $60.00 target price on shares of IonQ in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. boosted their price target on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.88.

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.