Bank of New York Mellon Corp Grows Stake in IonQ, Inc. (NYSE:IONQ)

Bank of New York Mellon Corp grew its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 16.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 916,536 shares of the company’s stock after acquiring an additional 131,439 shares during the period. Bank of New York Mellon Corp owned about 0.43% of IonQ worth $6,443,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of IONQ. National Bank of Canada FI boosted its stake in IonQ by 26.1% in the fourth 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 period. DNB Asset Management AS acquired a new stake in shares of IonQ during the 2nd quarter valued at $117,000. QCM Cayman Ltd. acquired a new stake in shares of IonQ during the 1st quarter valued at $120,000. Prospect Financial Services LLC acquired a new stake in shares of IonQ during the 4th quarter valued at $124,000. Finally, Keystone Financial Group acquired a new stake in IonQ during the 4th quarter valued at $136,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IONQ. The Goldman Sachs Group dropped their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Benchmark decreased their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 12th. Craig Hallum reduced their target price on shares of IonQ from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of IonQ in a research note on Thursday, May 16th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $13.00.

IonQ Trading Up 4.9 %

NYSE IONQ opened at $7.24 on Thursday. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -8.72 and a beta of 2.04. The company has a 50 day moving average of $7.53 and a 200-day moving average of $8.24. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $21.60.

IonQ (NYSE:IONQ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. The business had revenue of $11.38 million during the quarter, compared to analyst estimates of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. IonQ’s revenue for the quarter was up 106.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) earnings per share. On average, analysts forecast that IonQ, Inc. will post -0.84 earnings per share 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.