Commonwealth Equity Services LLC Reduces Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Commonwealth Equity Services LLC cut its position in shares of IonQ, Inc. (NYSE:IONQ) by 13.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,287 shares of the company’s stock after selling 5,383 shares during the period. Commonwealth Equity Services LLC’s holdings in IonQ were worth $248,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in IonQ in the fourth quarter valued at approximately $26,430,000. SG Americas Securities LLC lifted its position in IonQ by 1,598.7% in the first quarter. SG Americas Securities LLC now owns 2,084,625 shares of the company’s stock valued at $20,825,000 after buying an additional 1,961,909 shares during the last quarter. 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 buying an additional 918,265 shares during the period. Gagnon Securities LLC purchased a new stake in shares of IonQ in the 1st quarter valued at approximately $2,410,000. Finally, Hussman Strategic Advisors Inc. lifted its holdings in shares of IonQ by 126.7% in the 1st quarter. Hussman Strategic Advisors Inc. now owns 357,000 shares of the company’s stock worth $3,566,000 after acquiring an additional 199,500 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Benchmark cut their target price on IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. The Goldman Sachs Group cut their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Craig Hallum lowered their target price on IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and an average price target of $13.00.

IonQ Stock Up 1.4 %

Shares of IonQ stock opened at $8.12 on Wednesday. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $16.60. The firm’s 50 day moving average is $7.50 and its two-hundred day moving average is $8.07. The firm has a market capitalization of $1.72 billion, a P/E ratio of -9.78 and a beta of 2.04.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm had revenue of $11.38 million for the quarter, compared to analyst estimates of $8.66 million. During the same period last year, the business earned ($0.16) EPS. IonQ’s revenue for the quarter was up 106.4% compared to the same quarter last year. As a group, research analysts expect that IonQ, Inc. will post -0.84 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.