Rakuten Securities Inc. Sells 61,460 Shares of IonQ, Inc. $IONQ

Rakuten Securities Inc. lessened its position in IonQ, Inc. (NYSE:IONQ) by 52.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,370 shares of the company’s stock after selling 61,460 shares during the quarter. IonQ comprises about 1.3% of Rakuten Securities Inc.’s investment portfolio, making the stock its 16th biggest position. Rakuten Securities Inc.’s holdings in IonQ were worth $3,405,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Archer Investment Corp grew its position in shares of IonQ by 119.3% in the second quarter. Archer Investment Corp now owns 592 shares of the company’s stock valued at $25,000 after purchasing an additional 322 shares during the last quarter. Stone House Investment Management LLC boosted its stake in IonQ by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock valued at $25,000 after purchasing an additional 350 shares during the period. Hilltop National Bank grew its holdings in IonQ by 112.5% in the 3rd quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after buying an additional 225 shares during the last quarter. Financial Consulate Inc. acquired a new stake in IonQ in the 3rd quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC increased its position in IonQ by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after buying an additional 279 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insiders Place Their Bets

In other news, Director William J. Teuber, Jr. purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average cost of $54.81 per share, with a total value of $109,620.00. Following the acquisition, the director directly owned 6,413 shares of the company’s stock, valued at approximately $351,496.53. This trade represents a 45.32% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kathryn K. Chou sold 20,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the sale, the director directly owned 60,839 shares in the company, valued at $3,127,124.60. This represents a 24.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 125,000 shares of company stock worth $5,992,000 over the last three months. 5.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

IONQ has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of IonQ in a research report on Thursday, November 6th. Cantor Fitzgerald increased their price target on shares of IonQ from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Zacks Research upgraded shares of IonQ from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Rosenblatt Securities upped their price objective on shares of IonQ from $70.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Finally, Wedbush started coverage on IonQ in a research report on Wednesday, December 17th. They set an “outperform” rating and a $60.00 target price on the stock. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.91.

IonQ Stock Up 3.7%

Shares of IONQ opened at $50.74 on Thursday. The company has a 50-day moving average price of $49.24 and a two-hundred day moving average price of $51.16. The stock has a market cap of $17.63 billion, a price-to-earnings ratio of -9.48 and a beta of 2.63. IonQ, Inc. has a 12 month low of $17.88 and a 12 month high of $84.64.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). The company had revenue of $39.87 million during the quarter, compared to analyst estimates of $26.99 million. IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The company’s quarterly revenue was up 221.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.24) earnings per share. Equities research analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal 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.