Moors & Cabot Inc. Buys Shares of 10,500 IonQ, Inc. (NYSE:IONQ)

Moors & Cabot Inc. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 10,500 shares of the company’s stock, valued at approximately $92,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Quest Partners LLC grew its holdings in IonQ by 4,824.2% during the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after acquiring an additional 6,368 shares during the period. nVerses Capital LLC bought a new stake in IonQ in the third quarter valued at about $72,000. Redwood Wealth Management Group LLC bought a new stake in IonQ in the second quarter valued at about $67,000. Impact Partnership Wealth LLC acquired a new position in IonQ in the third quarter valued at about $89,000. Finally, Mosley Wealth Management bought a new position in IonQ during the second quarter worth about $81,000. 41.42% of the stock is owned by institutional investors.

IonQ Stock Down 3.0 %

Shares of IONQ stock opened at $31.80 on Monday. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $33.80. The firm has a fifty day moving average of $15.21 and a 200-day moving average of $10.34. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of -39.26 and a beta of 1.89.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.22) EPS. On average, equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Analyst Ratings Changes

IONQ has been the topic of a number of analyst reports. Needham & Company LLC increased their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Benchmark upped their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum lifted their target price on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

Insider Activity

In other news, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the transaction, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 66,000 shares of company stock worth $972,331 over the last ninety days. Insiders own 11.60% of the company’s stock.

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.