HighTower Advisors LLC Purchases 4,288 Shares of IonQ, Inc. (NYSE:IONQ)

HighTower Advisors LLC lifted its position in shares of IonQ, Inc. (NYSE:IONQ) by 29.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,938 shares of the company’s stock after buying an additional 4,288 shares during the quarter. HighTower Advisors LLC’s holdings in IonQ were worth $166,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in IONQ. Charles Schwab Investment Management Inc. lifted its stake in IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after acquiring an additional 135,851 shares during the period. Bank of New York Mellon Corp lifted its position in shares of IonQ by 16.7% in the 2nd 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 period. FMR LLC boosted its stake in shares of IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares in the last quarter. Carnegie Investment Counsel purchased a new position in IonQ during the third quarter valued at approximately $5,036,000. Finally, Rockefeller Capital Management L.P. raised its stake in IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after buying an additional 111,435 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Benchmark boosted their price target on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum increased their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. DA Davidson started coverage on shares of IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Needham & Company LLC increased their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.60.

Insider Activity

In related news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now owns 648,783 shares of the company’s stock, valued at $6,954,953.76. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,223 shares of company stock valued at $2,286,983 over the last ninety days. 11.60% of the stock is currently owned by insiders.

IonQ Stock Performance

Shares of NYSE IONQ opened at $44.58 on Thursday. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $47.41. The company has a market cap of $9.65 billion, a PE ratio of -55.04 and a beta of 2.49. The business has a 50-day simple moving average of $27.68 and a two-hundred day simple moving average of $14.78.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $10.56 million. During the same quarter last year, the business earned ($0.22) earnings per share. The firm’s revenue for the quarter was up 102.1% on a year-over-year basis. On average, sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

IonQ Company 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.