Everence Capital Management Inc. Buys New Stake in IonQ, Inc. (NYSE:IONQ)

Everence Capital Management Inc. purchased a new position in IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,180 shares of the company’s stock, valued at approximately $216,000.

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in IonQ by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock worth $6,443,000 after buying an additional 131,439 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of IonQ by 40.6% during the second quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock worth $188,000 after acquiring an additional 7,744 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of IonQ by 13.5% during the second quarter. Rhumbline Advisers now owns 295,918 shares of the company’s stock valued at $2,080,000 after acquiring an additional 35,158 shares in the last quarter. Arizona State Retirement System raised its position in shares of IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock valued at $348,000 after purchasing an additional 1,731 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after purchasing an additional 6,368 shares in the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,223 shares of company stock valued at $2,286,983. Corporate insiders own 11.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. DA Davidson assumed coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC lifted their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Benchmark increased their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.60.

IonQ Stock Performance

Shares of IONQ opened at $30.27 on Thursday. The business’s 50-day moving average is $33.46 and its two-hundred day moving average is $17.36. The company has a market capitalization of $6.55 billion, a P/E ratio of -37.37 and a beta of 2.43. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74.

IonQ (NYSE:IONQ) last posted 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). 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 analyst estimates of $10.56 million. During the same period last year, the business earned ($0.22) earnings per share. The firm’s revenue was up 102.1% on a year-over-year basis. Analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

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.