LMR Partners LLP Takes $874,000 Position in IonQ, Inc. (NYSE:IONQ)

LMR Partners LLP bought a new position in shares of IonQ, Inc. (NYSE:IONQ) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 100,000 shares of the company’s stock, valued at approximately $874,000.

A number of other hedge funds have also bought and sold shares of IONQ. Avantax Advisory Services Inc. acquired a new position in IonQ in the first quarter valued at approximately $153,000. ProShare Advisors LLC lifted its position in shares of IonQ by 10.5% during the 1st quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after acquiring an additional 2,805 shares during the period. Vanguard Group Inc. boosted its stake in IonQ by 5.1% during the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock worth $188,062,000 after acquiring an additional 918,265 shares in the last quarter. Seven Eight Capital LP acquired a new stake in IonQ in the first quarter worth $755,000. Finally, Gamco Investors INC. ET AL bought a new stake in IonQ in the first quarter valued at $185,000. Institutional investors own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

IONQ has been the subject of several research reports. Craig Hallum raised their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC raised their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group lowered their target price on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Benchmark lifted their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Stock Performance

Shares of IONQ opened at $27.88 on Wednesday. The firm has a market capitalization of $6.03 billion, a P/E ratio of -34.42 and a beta of 1.89. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $29.48. The stock has a 50 day moving average price of $13.79 and a two-hundred day moving average price of $9.87.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. During the same quarter last year, the company posted ($0.22) EPS. The company’s quarterly revenue was up 102.1% compared to the same quarter last year. On average, equities analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity

In other news, CRO Rima Alameddine sold 9,159 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total value of $98,184.48. Following the completion of the transaction, the executive now directly owns 648,783 shares of the company’s stock, valued at $6,954,953.76. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 66,000 shares of company stock worth $972,331 over the last quarter. Insiders own 11.60% of the company’s stock.

About IonQ

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.