Rakuten Investment Management Inc. Invests $1.05 Million in IonQ, Inc. $IONQ

Rakuten Investment Management Inc. purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 19,514 shares of the company’s stock, valued at approximately $1,051,000.

Other large investors have also made changes to their positions in the company. Concorde Asset Management LLC acquired a new position in IonQ in the second quarter worth approximately $437,000. Empowered Funds LLC acquired a new stake in IonQ in the second quarter valued at approximately $3,925,000. United Capital Financial Advisors LLC acquired a new stake in IonQ in the second quarter valued at approximately $473,000. Yukon Wealth Management Inc. bought a new stake in IonQ in the second quarter worth approximately $618,000. Finally, Equitable Holdings Inc. bought a new stake in IonQ in the second quarter worth approximately $1,357,000. Institutional investors own 41.42% of the company’s stock.

Insider Activity

In other news, Director Kathryn K. Chou sold 2,757 shares of IonQ 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 transaction, the director directly owned 62,608 shares in the company, valued at approximately $3,444,692.16. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the director owned 11,154 shares in the company, valued at $613,581.54. The trade was a 19.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 9,329 shares of company stock valued at $513,216. 0.55% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on IONQ. JPMorgan Chase & Co. raised their price target on shares of IonQ from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Jefferies Financial Group set a $75.00 price objective on shares of IonQ in a report on Thursday, August 6th. Morgan Stanley set a $49.00 target price on shares of IonQ in a research report on Thursday, August 6th. Weiss Ratings lowered IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a report on Friday, August 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price target on shares of IonQ in a research report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $69.92.

IonQ Trading Up 0.3%

NYSE:IONQ opened at $39.31 on Tuesday. IonQ, Inc. has a 1 year low of $25.89 and a 1 year high of $84.64. The firm’s fifty day simple moving average is $42.37 and its 200 day simple moving average is $43.45. The firm has a market capitalization of $14.98 billion, a PE ratio of -8.44 and a beta of 3.28.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.23. The firm had revenue of $80.05 million for the quarter, compared to the consensus estimate of $66.47 million. IonQ had a negative net margin of 553.27% and a negative return on equity of 22.29%. The business’s quarterly revenue was up 286.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.70) EPS. As a group, 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.