Dimensional Fund Advisors LP Cuts Stake in IonQ, Inc. (NYSE:IONQ)

Dimensional Fund Advisors LP lessened its stake in IonQ, Inc. (NYSE:IONQ) by 58.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 492,975 shares of the company’s stock after selling 679,573 shares during the quarter. Dimensional Fund Advisors LP’s holdings in IonQ were worth $3,466,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Prospect Financial Services LLC acquired a new stake in IonQ during the fourth quarter worth approximately $124,000. Virtu Financial LLC acquired a new stake in IonQ during the 4th quarter worth $554,000. Vanguard Group Inc. grew its position in IonQ by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 17,906,731 shares of the company’s stock worth $221,864,000 after purchasing an additional 193,924 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of IonQ by 283.1% in the first quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock valued at $1,121,000 after buying an additional 82,891 shares during the last quarter. Finally, StoneX Group Inc. acquired a new stake in shares of IonQ during the first quarter worth about $420,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

IonQ Price Performance

Shares of NYSE:IONQ opened at $9.81 on Friday. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $16.60. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -11.22 and a beta of 2.05. The business’s 50 day simple moving average is $7.68 and its 200-day simple moving average is $8.01.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $11.38 million for the quarter, compared to the consensus estimate of $8.66 million. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. The company’s revenue for the quarter was up 106.4% compared to the same quarter last year. On average, equities analysts anticipate that IonQ, Inc. will post -0.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. The Goldman Sachs Group decreased 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. Needham & Company LLC restated a “buy” rating and set a $13.00 price objective on shares of IonQ in a research report on Wednesday, October 2nd. Benchmark dropped their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Craig Hallum lowered their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, IonQ has an average rating of “Moderate Buy” and an average price target of $12.00.

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.