BOCHK Asset Management Ltd Invests $167,000 in IonQ, Inc. (NYSE:IONQ)

BOCHK Asset Management Ltd acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 4,000 shares of the company’s stock, valued at approximately $167,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Geode Capital Management LLC boosted its position in shares of IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after buying an additional 199,360 shares during the period. State Street Corp grew its stake in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after purchasing an additional 135,851 shares in the last quarter. FMR LLC grew its stake in IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after purchasing an additional 41,125 shares in the last quarter. Finally, Carnegie Investment Counsel purchased a new position in IonQ in the third quarter valued at about $5,036,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective for the company. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, IonQ presently has an average rating of “Moderate Buy” and an average target price of $33.00.

Insider Buying and Selling at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares in the company, valued at approximately $16,985,373.33. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,223 shares of company stock worth $1,314,652. Insiders own 11.60% of the company’s stock.

IonQ Trading Up 0.7 %

IONQ stock opened at $38.81 on Wednesday. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74. The firm has a market cap of $8.40 billion, a P/E ratio of -47.92 and a beta of 2.43. The business’s 50 day moving average is $37.88 and its 200-day moving average is $20.40.

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

About IonQ

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.