Holocene Advisors LP Increases Stake in IonQ, Inc.

Holocene Advisors LP has significantly increased its stake in IonQ, Inc. (NYSE:IONQ - Free Report), boosting its holdings by 50.7% during the third quarter. This move was detailed in the firm’s recent filing with the SEC. After the acquisition of an additional 62,362 shares during the period, Holocene Advisors LP now owns a total of 185,346 shares of IonQ's stock. At the conclusion of the most recent reporting period, these shares were valued at approximately $1,620,000, representing about 0.09% of IonQ.

Activity Among Other Institutional Investors

Other institutional investors have also been active in trading IonQ shares. For instance, SG Americas Securities LLC increased its position by 27.3% in the second quarter, acquiring an additional 569,906 shares, bringing their total ownership to 2,654,531 shares worth roughly $18,661,000. Charles Schwab Investment Management Inc. raised its stake by 9.2% in the third quarter, owning 1,614,034 shares now valued at $14,107,000 after purchasing an extra 135,851 shares. Similarly, Bank of New York Mellon Corp raised its stake by 16.7% during the second quarter, resulting in ownership of 916,536 shares worth about $6,443,000. FMR LLC also grew its holdings by 7.2% in Q3, owning 612,625 shares valued at $5,354,000. Additionally, Carnegie Investment Counsel acquired a new position valued at around $5,036,000 in the same quarter. Currently, institutional investors and hedge funds collectively own 41.42% of IonQ’s stock.

Insider Transactions

Recent insider activity at IonQ includes a sale by Chief Revenue Officer Rima Alameddine, who sold 9,159 shares on October 14th at an average price of $10.72, totaling approximately $98,184. Following this transaction, Alameddine now owns 648,783 shares valued at around $6,954,953.76, reflecting a decrease of 1.39% in their stake. Over the last quarter, insiders have sold a total of 66,000 shares worth $972,331. Overall, company insiders retain ownership of about 11.60% of the company's stock.

IonQ's Stock Performance

IonQ's stock opened at $37.94 on a recent Friday. The company's shares have experienced a wide price range, with a fifty-two week low of $6.22 and a high of $38.45. The stock is currently trading with a 50-day moving average of $19.71 and a 200-day moving average of $11.82. IonQ boasts a market capitalization of $8.21 billion and has a price-to-earnings ratio of -46.88, indicating a higher volatility with a beta of 2.49.

Recent Earnings Results

The latest earnings report from IonQ was released on November 6th. The company reported earnings of ($0.24) per share, falling short of analysts' expectations of ($0.22) by $0.02. IonQ recorded a negative return on equity of 36.82% and a staggering negative net margin of 457.85%. The revenue for the quarter was reported at $12.40 million, exceeding expectations of $10.56 million and reflecting a significant year-over-year increase of 102.1%. Analysts are projecting that IonQ will report an EPS of -0.86 for the current fiscal year.

Analyst Ratings

In recent analyst coverage of IonQ, several firms have updated their price targets for the stock. Craig Hallum raised its target price from $15.00 to $22.00, issuing a “buy” rating on November 7th. Similarly, Needham & Company LLC increased its target from $13.00 to $18.00 with a “buy” rating. Conversely, Goldman Sachs Group decreased its price objective from $11.50 to $8.00 but maintained a “neutral” rating. Benchmark also raised its target for IonQ from $12.00 to $22.00, reaffirming a “buy” rating.

About IonQ, Inc.

IonQ, Inc. specializes in the development of general-purpose quantum computing systems. The company provides access to quantum computers with various qubit capacities through cloud platforms, including Amazon Web Services (AWS), Microsoft Azure Quantum, and Google's Cloud Marketplace.

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