Wellington Management Group LLP Has $11.52 Million Holdings in IonQ, Inc. $IONQ

Wellington Management Group LLP lessened its holdings in IonQ, Inc. (NYSE:IONQ) by 78.7% during the second quarter, HoldingsChannel.com reports. The firm owned 216,337 shares of the company’s stock after selling 799,031 shares during the period. Wellington Management Group LLP’s holdings in IonQ were worth $11,522,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in IONQ. BlackRock Inc. bought a new position in IonQ in the second quarter valued at $1,112,945,000. Bank of America Corp DE acquired a new position in shares of IonQ during the 2nd quarter worth about $344,757,000. Norges Bank acquired a new position in shares of IonQ during the 4th quarter worth about $199,753,000. Marex Group plc grew its holdings in shares of IonQ by 419.1% in the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company’s stock valued at $183,225,000 after acquiring an additional 3,296,866 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of IonQ by 42.3% in the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after acquiring an additional 2,663,230 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insider Activity at IonQ

In other IonQ news, Director Gabrielle Toledano sold 2,757 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total transaction of $151,662.57. Following the completion of the sale, the director owned 11,154 shares of the company’s stock, valued at $613,581.54. This trade represents a 19.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kathryn Chou sold 2,757 shares of IonQ stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the transaction, the director directly owned 62,608 shares of the company’s stock, valued at approximately $3,444,692.16. This trade represents a 4.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 9,329 shares of company stock worth $513,216. Company insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IONQ. Northland Securities lifted their target price on IonQ from $55.00 to $70.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Needham & Company LLC restated a “buy” rating and issued a $65.00 price target on shares of IonQ in a research note on Thursday, August 6th. Wall Street Zen lowered IonQ from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Benchmark reiterated a “buy” rating and set a $60.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $70.00 price objective on shares of IonQ in a report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $69.92.

IonQ Stock Down 0.2%

Shares of NYSE IONQ opened at $39.44 on Tuesday. The business’s 50 day moving average price is $40.94 and its two-hundred day moving average price is $43.64. The company has a market cap of $15.03 billion, a PE ratio of -8.46 and a beta of 3.30. IonQ, Inc. has a twelve month low of $25.89 and a twelve month high of $84.64.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating 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 company had revenue of $80.05 million during the quarter, compared to analysts’ expectations of $66.47 million. During the same period last year, the firm posted ($0.70) earnings per share. The business’s revenue was up 286.7% on a year-over-year basis. As a group, research analysts anticipate that IonQ, Inc. will post -2.86 EPS for the current fiscal year.

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. 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.