Magnus Financial Group LLC Takes $259,000 Position in IonQ, Inc. (NYSE:IONQ)

Magnus Financial Group LLC acquired a new position in IonQ, Inc. (NYSE:IONQ) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 6,200 shares of the company’s stock, valued at approximately $259,000.

Other large investors have also recently added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new position in shares of IonQ in the third quarter worth $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in IonQ in the 3rd quarter valued at about $3,749,000. Main Management ETF Advisors LLC acquired a new position in IonQ during the 3rd quarter valued at about $1,865,000. Geode Capital Management LLC increased its stake in IonQ by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after buying an additional 199,360 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of IonQ during the 3rd quarter worth about $1,631,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. DA Davidson began coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target on the stock. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 20th. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC boosted their price target on shares of IonQ from $13.00 to $18.00 and gave the stock 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 given a buy rating to the stock. According to data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Stock Down 7.7 %

Shares of NYSE IONQ opened at $41.82 on Thursday. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of -51.63 and a beta of 2.43. The stock’s fifty day simple moving average is $36.55 and its 200 day simple moving average is $19.27.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share (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 quarter in the previous year, the firm posted ($0.22) EPS. IonQ’s quarterly revenue was up 102.1% on a year-over-year basis. As a group, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the transaction, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a legal filing 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 sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,098 shares of company stock worth $1,720,683. 11.60% of the stock is owned by corporate insiders.

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.