Magnetar Financial LLC Reduces Stock Position in IonQ, Inc. (NYSE:IONQ)

Magnetar Financial LLC lessened its stake in shares of IonQ, Inc. (NYSE:IONQ) by 46.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 181,212 shares of the company’s stock after selling 154,121 shares during the quarter. Magnetar Financial LLC owned about 0.09% of IonQ worth $1,810,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. National Bank of Canada FI boosted its holdings in shares of IonQ by 26.1% during the 4th quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock valued at $97,000 after acquiring an additional 1,655 shares during the last quarter. Prospect Financial Services LLC bought a new position in shares of IonQ in the 4th quarter worth approximately $124,000. Keystone Financial Group bought a new position in shares of IonQ in the 4th quarter worth approximately $136,000. QCM Cayman Ltd. bought a new position in shares of IonQ in the 1st quarter worth approximately $120,000. Finally, Precision Wealth Strategies LLC lifted its stake in shares of IonQ by 38.6% in the 4th quarter. Precision Wealth Strategies LLC now owns 14,048 shares of the company’s stock worth $174,000 after purchasing an additional 3,909 shares during the period. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Insiders Place Their Bets

In other news, CRO Rima Alameddine sold 9,807 shares of IonQ stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $77,377.23. Following the sale, the executive now owns 687,840 shares in the company, valued at $5,427,057.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Peter Hume Chapman sold 5,936 shares of IonQ stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $46,835.04. Following the sale, the chief executive officer now owns 445,297 shares in the company, valued at $3,513,393.33. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Rima Alameddine sold 9,807 shares of IonQ stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $7.89, for a total transaction of $77,377.23. Following the sale, the executive now owns 687,840 shares in the company, valued at approximately $5,427,057.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,353 shares of company stock worth $160,585. Company insiders own 11.60% of the company’s stock.

IonQ Trading Up 3.5 %

NYSE IONQ traded up $0.28 on Friday, reaching $8.21. 4,307,768 shares of the stock were exchanged, compared to its average volume of 5,177,986. IonQ, Inc. has a one year low of $6.33 and a one year high of $21.60. The firm has a market capitalization of $1.74 billion, a PE ratio of -9.89 and a beta of 2.06. The company’s 50-day simple moving average is $7.82 and its two-hundred day simple moving average is $9.09.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, May 8th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07. IonQ had a negative net margin of 671.00% and a negative return on equity of 31.76%. The company had revenue of $7.58 million for the quarter, compared to analysts’ expectations of $7.08 million. During the same quarter last year, the business earned ($0.14) EPS. The firm’s revenue was up 76.9% compared to the same quarter last year. Sell-side analysts forecast that IonQ, Inc. will post -0.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of IonQ in a research note on Thursday, May 16th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

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.