Burr Financial Services LLC Purchases 184,283 Shares of IonQ, Inc. $IONQ

Burr Financial Services LLC bought a new stake in IonQ, Inc. (NYSE:IONQ) during the third quarter, HoldingsChannel.com reports. The fund bought 184,283 shares of the company’s stock, valued at approximately $8,083,000. IonQ comprises 5.0% of Burr Financial Services LLC’s investment portfolio, making the stock its 6th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Versant Capital Management Inc grew its holdings in shares of IonQ by 30.9% during the third quarter. Versant Capital Management Inc now owns 1,952 shares of the company’s stock worth $86,000 after purchasing an additional 461 shares during the last quarter. Cim Investment Management Inc. lifted its stake in IonQ by 7.4% during the second quarter. Cim Investment Management Inc. now owns 17,904 shares of the company’s stock worth $954,000 after purchasing an additional 1,237 shares during the last quarter. QRG Capital Management Inc. boosted its stake in IonQ by 31.5% in the second quarter. QRG Capital Management Inc. now owns 10,937 shares of the company’s stock valued at $583,000 after buying an additional 2,618 shares in the last quarter. Core Capital Management & Research inc. acquired a new position in IonQ during the 2nd quarter worth approximately $53,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of IonQ during the second quarter worth $394,000. 41.42% of the stock is owned by institutional investors.

Insider Activity

In related news, insider John Raymond sold 2,407 shares of IonQ stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $37.21, for a total value of $89,564.47. Following the completion of the sale, the insider owned 77,741 shares of the company’s stock, valued at approximately $2,892,742.61. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IONQ. Morgan Stanley set a $49.00 price target on shares of IonQ in a research note on Thursday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price target on shares of IonQ in a report on Wednesday, September 9th. Weiss Ratings lowered IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Wall Street Zen downgraded IonQ from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $70.00 target price on shares of IonQ in a research report on Wednesday, September 9th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.83.

IonQ Stock Performance

Shares of NYSE IONQ traded down $1.88 during trading on Thursday, hitting $39.47. 10,188,038 shares of the company traded hands, compared to its average volume of 24,493,840. The firm has a market capitalization of $15.04 billion, a price-to-earnings ratio of -8.44 and a beta of 3.36. The business’s fifty day moving average is $41.27 and its 200 day moving average is $44.65. IonQ, Inc. has a fifty-two week low of $25.89 and a fifty-two week high of $84.64.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, August 5th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.23. The business had revenue of $80.05 million during the quarter, compared to analyst estimates of $66.47 million. IonQ had a negative return on equity of 22.29% and a negative net margin of 553.27%.The firm’s revenue was up 286.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.70) EPS. On average, analysts predict that IonQ, Inc. will post -2.11 EPS for the current year.

IonQ Company Profile

IonQ, Inc is a quantum computing company that develops and commercializes quantum computers based on trapped-ion technology. Its systems are designed to perform specialized computations that may eventually support applications in areas such as optimization, materials science, drug discovery, financial modeling and artificial intelligence.

The company offers access to its quantum processors through cloud platforms, including Amazon Web Services’ Amazon Braket, Microsoft Azure Quantum and Google Cloud.