Wellington Management Group LLP Sells 799,031 Shares of IonQ, Inc. $IONQ

by · The Cerbat Gem

Wellington Management Group LLP lessened its holdings in shares of IonQ, Inc. (NYSE:IONQ – Free Report) by 78.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 216,337 shares of the company’s stock after selling 799,031 shares during the period. Wellington Management Group LLP owned 0.06% of IonQ worth $11,522,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of IonQ in the 2nd quarter worth $1,112,945,000. State Street Corp increased its holdings in IonQ by 42.3% in the fourth quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after purchasing an additional 2,663,230 shares during the last quarter. Geode Capital Management LLC lifted its stake in IonQ by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after buying an additional 1,452,463 shares during the period. Bank of America Corp DE acquired a new position in IonQ in the second quarter valued at about $344,757,000. Finally, Norges Bank acquired a new position in IonQ in the fourth quarter valued at about $199,753,000. Institutional investors own 41.42% of the company’s stock.

Insider Activity at IonQ

In other IonQ news, Director Kathryn K. Chou sold 2,757 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.02, for a total transaction of $151,690.14. Following the completion of the transaction, the director owned 62,608 shares in the company, valued at approximately $3,444,692.16. This represents a 4.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of IonQ stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares in the company, valued at $613,581.54. This represents a 19.82% decrease in their position. The SEC filing for this sale provides additional information. In 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 corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on IONQ shares. Northland Securities boosted their target price on IonQ from $55.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Wedbush began coverage on shares of IonQ in a research report on Monday, August 3rd. They issued an “outperform” rating and a $75.00 price target on the stock. Benchmark reissued a “buy” rating and set a $60.00 price objective on shares of IonQ in a research note on Thursday, August 6th. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of IonQ in a report on Thursday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 target price on shares of IonQ in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, IonQ has an average rating of “Moderate Buy” and an average target price of $69.92.

Read Our Latest Analysis on IonQ

IonQ Stock Performance

NYSE IONQ opened at $39.44 on Tuesday. The stock has a market cap of $15.03 billion, a price-to-earnings ratio of -8.46 and a beta of 3.30. The business has a 50 day simple moving average of $40.94 and a 200 day simple moving average of $43.64. IonQ, Inc. has a 52-week low of $25.89 and a 52-week high of $84.64.

IonQ (NYSE:IONQ – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.23. The firm had revenue of $80.05 million for the quarter, compared to analyst estimates 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 revenue was up 286.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.70) earnings per share. On average, analysts predict that IonQ, Inc. will post -2.86 EPS for the current year.

IonQ Company Profile

(Free Report)

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.

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