30,422 Shares in IonQ, Inc. (NYSE:IONQ) Bought by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) in the third quarter, according to its most recent filing with the SEC. The firm purchased 30,422 shares of the company’s stock, valued at approximately $266,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Handelsbanken Fonder AB lifted its holdings in shares of IonQ by 33.1% in the third quarter. Handelsbanken Fonder AB now owns 69,200 shares of the company’s stock valued at $605,000 after purchasing an additional 17,200 shares in the last quarter. Granite Bay Wealth Management LLC purchased a new stake in shares of IonQ during the 2nd quarter worth about $221,000. Algert Global LLC purchased a new stake in IonQ during the second quarter worth approximately $126,000. The Manufacturers Life Insurance Company boosted its position in shares of IonQ by 16.8% in the second quarter. The Manufacturers Life Insurance Company now owns 115,782 shares of the company’s stock worth $814,000 after buying an additional 16,642 shares during the period. Finally, Xponance Inc. acquired a new stake in IonQ during the 2nd quarter valued at $88,000. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Trading Down 0.1 %

Shares of IonQ stock opened at $9.54 on Thursday. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $16.60. The company’s fifty day simple moving average is $7.66 and its 200-day simple moving average is $8.00. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -11.49 and a beta of 2.05.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm had revenue of $11.38 million during the quarter, compared to analysts’ expectations of $8.66 million. During the same quarter last year, the company earned ($0.16) earnings per share. The company’s revenue for the quarter was up 106.4% compared to the same quarter last year. As a group, research analysts forecast that IonQ, Inc. will post -0.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on IONQ shares. Benchmark reduced their target price on IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Craig Hallum reduced their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 target price on shares of IonQ in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.00.

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.