Gagnon Securities LLC Trims Stake in IonQ, Inc. (NYSE:IONQ)

Gagnon Securities LLC lowered its position in IonQ, Inc. (NYSE:IONQ) by 97.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,764 shares of the company’s stock after selling 236,595 shares during the period. Gagnon Securities LLC’s holdings in IonQ were worth $241,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after acquiring an additional 135,851 shares during the period. Carnegie Investment Counsel purchased a new position in IonQ during the 3rd quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd purchased a new position in IonQ during the 3rd quarter valued at about $3,749,000. Rockefeller Capital Management L.P. lifted its position in IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after acquiring an additional 111,435 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in IonQ during the 3rd quarter valued at about $1,631,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares in the company, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock worth $1,314,652 over the last three months. 11.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

IONQ has been the subject of several recent analyst reports. Benchmark lifted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Craig Hallum lifted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. DA Davidson assumed coverage on shares of IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price for the company. 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 research note on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $33.00.

IonQ Stock Performance

Shares of NYSE IONQ opened at $39.58 on Friday. The firm has a 50 day moving average of $38.22 and a 200 day moving average of $20.67. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74.

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