Swedbank AB Increases Stock Position in IonQ, Inc. $IONQ

Swedbank AB grew its holdings in IonQ, Inc. (NYSE:IONQ) by 147.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,503 shares of the company’s stock after purchasing an additional 89,148 shares during the quarter. Swedbank AB’s holdings in IonQ were worth $4,310,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Royal Bank of Canada lifted its stake in IonQ by 12.5% in the 1st quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock valued at $2,962,000 after buying an additional 14,898 shares in the last quarter. Amundi purchased a new stake in shares of IonQ in the first quarter valued at $630,000. AQR Capital Management LLC boosted its stake in shares of IonQ by 106.2% during the first quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock valued at $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 stake in shares of IonQ by 24.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after acquiring an additional 87,428 shares during the last quarter. Finally, Focus Partners Wealth boosted its stake in shares of IonQ by 30.3% during the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock valued at $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 Activity at IonQ

In other news, insider John W. Raymond sold 3,815 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total transaction of $209,863.15. Following the completion of the transaction, the insider owned 80,148 shares of the company’s stock, valued at $4,408,941.48. This represents a 4.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kathryn K. Chou sold 2,757 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.02, for a total transaction of $151,690.14. Following the completion of the sale, the director owned 62,608 shares of the company’s stock, valued at approximately $3,444,692.16. The trade was 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 quarter, insiders sold 13,102 shares of company stock worth $701,489. 0.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

IONQ has been the subject of several analyst reports. Jefferies Financial Group set a $85.00 target price on shares of IonQ in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their price target on shares of IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Northland Securities lifted their price target on shares of IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Morgan Stanley set a $48.50 price objective on shares of IonQ in a research report on Thursday, May 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of IonQ in a research note on Thursday, June 11th. Ten equities research 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. According to MarketBeat.com, IonQ currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.88.

IonQ Stock Down 4.2%

Shares of NYSE:IONQ traded down $1.87 during midday trading on Friday, reaching $42.90. The company’s stock had a trading volume of 14,467,963 shares, compared to its average volume of 20,523,214. The firm has a market cap of $16.01 billion, a price-to-earnings ratio of -153.21 and a beta of 3.23. The business has a 50 day moving average price of $55.81 and a 200 day moving average price of $45.00. IonQ, Inc. has a 1 year low of $25.89 and a 1 year high of $84.64.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share 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 business had revenue of $64.67 million for the quarter, compared to analysts’ expectations of $49.75 million. During the same quarter last year, the company posted ($0.14) earnings per share. The business’s quarterly revenue was up 754.7% compared to the same quarter last year. Sell-side analysts anticipate that IonQ, Inc. will post -2.26 earnings per share 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.