October Effect Ltd Invests $1.35 Million in IonQ, Inc. $IONQ

October Effect Ltd purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,000 shares of the company’s stock, valued at approximately $1,353,000. IonQ accounts for approximately 1.5% of October Effect Ltd’s investment portfolio, making the stock its 19th largest holding.

Several other institutional investors have also bought and sold shares of the stock. Royal Bank of Canada increased its stake in IonQ by 12.5% during 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 during the period. Amundi acquired a new stake in shares of IonQ in the 1st quarter worth approximately $630,000. AQR Capital Management LLC boosted its holdings in shares of IonQ by 106.2% in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 period. Finally, Focus Partners Wealth raised its holdings in IonQ by 30.3% during the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after purchasing an additional 10,881 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IONQ shares. Mizuho started coverage on IonQ in a research note on Thursday, December 11th. They set an “outperform” rating and a $90.00 price target for the company. Zacks Research raised IonQ from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Rosenblatt Securities boosted their price target on shares of IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a report on Thursday. Finally, DA Davidson boosted their target price on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.91.

Insider Activity

In related news, Director Kathryn K. Chou sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $55.00, for a total value of $275,000.00. Following the completion of the sale, the director owned 60,839 shares in the company, valued at approximately $3,346,145. This represents a 7.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William J. Teuber, Jr. acquired 2,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were purchased at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the completion of the transaction, the director owned 6,413 shares in the company, valued at approximately $351,496.53. This represents a 45.32% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 125,000 shares of company stock worth $5,992,000 over the last 90 days. 5.20% of the stock is owned by company insiders.

IonQ Stock Down 4.1%

NYSE:IONQ opened at $47.32 on Friday. The stock has a fifty day simple moving average of $48.74 and a 200 day simple moving average of $51.43. The firm has a market capitalization of $16.44 billion, a price-to-earnings ratio of -8.84 and a beta of 2.63. IonQ, Inc. has a 1-year low of $17.88 and a 1-year high of $84.64.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The firm had revenue of $39.87 million for the quarter, compared to analysts’ expectations of $26.99 million. During the same period in the prior year, the company posted ($0.24) earnings per share. IonQ’s quarterly revenue was up 221.5% compared to the same quarter last year. Equities analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current 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.