CloudAlpha Capital Management Limited Hong Kong Takes Position in IonQ, Inc. $IONQ

CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) during the fourth quarter, Holdings Channel.com reports. The fund purchased 54,102 shares of the company’s stock, valued at approximately $2,428,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Clear Street Group Inc. purchased a new position in IonQ in the third quarter worth $61,488,000. Western Wealth Management LLC increased its position in shares of IonQ by 222.8% during the 3rd quarter. Western Wealth Management LLC now owns 23,762 shares of the company’s stock valued at $1,461,000 after purchasing an additional 16,400 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of IonQ by 56.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 47,545 shares of the company’s stock valued at $2,924,000 after purchasing an additional 17,215 shares during the last quarter. Swedbank AB bought a new stake in shares of IonQ during the 4th quarter worth $2,708,000. Finally, Penserra Capital Management LLC raised its stake in shares of IonQ by 64.3% during the 3rd quarter. Penserra Capital Management LLC now owns 800,141 shares of the company’s stock worth $49,208,000 after purchasing an additional 313,008 shares during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Benchmark reduced their price target on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a research report on Thursday, February 26th. Morgan Stanley set a $48.50 target price on shares of IonQ in a research report on Thursday, May 7th. Jefferies Financial Group set a $85.00 price target on shares of IonQ in a research note on Thursday, May 7th. Finally, Needham & Company LLC lowered their price target on shares of IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $68.63.

Insider Transactions at IonQ

In other news, insider Robert T. Cardillo sold 5,165 shares of IonQ stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the sale, the insider owned 112,291 shares in the company, valued at approximately $4,428,757.04. This trade represents a 4.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John W. Raymond sold 2,800 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the sale, the insider owned 83,963 shares in the company, valued at $2,799,326.42. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,354 shares of company stock valued at $504,428. 5.20% of the stock is currently owned by company insiders.

IonQ Trading Down 1.5%

Shares of IONQ stock opened at $48.58 on Wednesday. The firm’s 50 day moving average is $38.98 and its 200 day moving average is $43.21. The stock has a market capitalization of $18.13 billion, a P/E ratio of -173.48 and a beta of 3.05. IonQ, Inc. has a 12 month low of $25.89 and a 12 month high of $84.64.

IonQ (NYSE:IONQ) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.08). The company had revenue of $64.67 million for the quarter, compared to analysts’ expectations of $49.75 million. IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The business’s revenue for the quarter was up 754.7% on a year-over-year basis. During the same period last year, the company posted ($0.14) EPS. On average, equities analysts predict that IonQ, Inc. will post -2.26 EPS 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.