Smith Group Asset Management LLC Takes $627,000 Position in IonQ, Inc. (NYSE:IONQ)

Smith Group Asset Management LLC acquired a new position in IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 15,000 shares of the company’s stock, valued at approximately $627,000.

Other large investors have also recently added to or reduced their stakes in the company. City State Bank acquired a new position in IonQ during the fourth quarter worth about $36,000. Versant Capital Management Inc raised its position in shares of IonQ by 1,348.5% during the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after purchasing an additional 890 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in IonQ in the 4th quarter valued at approximately $42,000. GAMMA Investing LLC grew its holdings in IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after buying an additional 480 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in IonQ during the third quarter worth $72,000. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

Shares of IONQ stock opened at $38.81 on Wednesday. The firm’s 50-day simple moving average is $37.88 and its 200-day simple moving average is $20.40. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74. The firm has a market cap of $8.40 billion, a P/E ratio of -47.92 and a beta of 2.43.

IonQ (NYSE:IONQ) last announced 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 company had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.22) EPS. Analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 21,337 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now directly owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group raised 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. DA Davidson began coverage on shares of IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective for the company. Benchmark raised their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, IonQ presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

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.