Oppenheimer & Co. Inc. Trims Position in IonQ, Inc. (NYSE:IONQ)

Oppenheimer & Co. Inc. cut its stake in IonQ, Inc. (NYSE:IONQ) by 30.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,375 shares of the company’s stock after selling 18,800 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in IonQ were worth $370,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in IONQ. Vanguard Group Inc. raised its stake in shares of IonQ by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock valued at $188,062,000 after buying an additional 918,265 shares during the last quarter. Carnegie Investment Counsel purchased a new position in IonQ in the 3rd quarter valued at approximately $5,036,000. SG Americas Securities LLC grew its position in shares of IonQ by 27.3% during the second quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock worth $18,661,000 after buying an additional 569,906 shares in the last quarter. Yong Rong HK Asset Management Ltd purchased a new stake in shares of IonQ during the 3rd quarter worth $3,749,000. Finally, Bank of New York Mellon Corp lifted its stake in IonQ by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after purchasing an additional 131,439 shares during the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

Shares of IONQ opened at $32.51 on Friday. The stock’s 50-day moving average is $14.73 and its two-hundred day moving average is $10.16. The stock has a market cap of $7.03 billion, a PE ratio of -40.13 and a beta of 1.89. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $33.80.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IONQ. Benchmark boosted their price objective on IonQ from $12.00 to $22.00 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 report on Friday, August 9th. Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum raised their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 66,000 shares of company stock worth $972,331 over the last 90 days. 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.