FORA Capital LLC Purchases Shares of 71,721 IonQ, Inc. (NYSE:IONQ)

FORA Capital LLC purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 71,721 shares of the company’s stock, valued at approximately $2,996,000.

A number of other hedge funds also recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in shares of IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after acquiring an additional 2,293,231 shares during the period. Chevy Chase Trust Holdings LLC purchased a new stake in shares of IonQ in the fourth quarter worth about $32,060,000. Ameriprise Financial Inc. acquired a new position in IonQ during the 4th quarter worth approximately $29,519,000. Arrowstreet Capital Limited Partnership purchased a new position in IonQ in the 4th quarter worth approximately $29,513,000. Finally, Invesco Ltd. raised its stake in shares of IonQ by 439.3% during the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock valued at $35,800,000 after purchasing an additional 698,146 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insider Buying and Selling

In other IonQ news, Director William F. Scannell acquired 93,066 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the acquisition, the director now owns 135,047 shares of the company’s stock, valued at approximately $2,945,375.07. This trade represents a 221.69 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the sale, the executive now owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IONQ shares. The Goldman Sachs Group boosted their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Morgan Stanley lifted their price objective on IonQ from $29.00 to $30.00 and gave the stock an “equal weight” rating in a report on Thursday. Benchmark dropped their price target on shares of IonQ from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. DA Davidson reduced their price target on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Needham & Company LLC dropped their target price on IonQ from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $38.33.

IonQ Stock Up 10.0 %

Shares of IONQ stock opened at $32.04 on Friday. The stock has a 50-day simple moving average of $24.73 and a 200 day simple moving average of $30.36. The stock has a market capitalization of $7.14 billion, a P/E ratio of -39.56 and a beta of 2.46. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. During the same period in the prior year, the business posted ($0.19) earnings per share. IonQ’s revenue was down .2% compared to the same quarter last year. On average, sell-side analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

IonQ Company 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.