Yong Rong HK Asset Management Ltd Makes New Investment in IonQ, Inc. (NYSE:IONQ)

Yong Rong HK Asset Management Ltd purchased a new stake in IonQ, Inc. (NYSE:IONQ) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 428,900 shares of the company’s stock, valued at approximately $3,749,000. IonQ makes up approximately 1.1% of Yong Rong HK Asset Management Ltd’s investment portfolio, making the stock its 16th largest holding. Yong Rong HK Asset Management Ltd owned about 0.20% of IonQ as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Quest Partners LLC lifted its position in shares of 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 purchasing an additional 6,368 shares during the last quarter. nVerses Capital LLC purchased a new stake in IonQ during the 3rd quarter worth about $72,000. Redwood Wealth Management Group LLC acquired a new position in shares of IonQ during the 2nd quarter worth about $67,000. Impact Partnership Wealth LLC acquired a new position in shares of IonQ during the 3rd quarter worth about $89,000. Finally, Mosley Wealth Management purchased a new position in shares of IonQ in the 2nd quarter valued at about $81,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Trading Down 1.2 %

IONQ stock opened at $14.85 on Friday. The business has a 50 day simple moving average of $10.00 and a 200-day simple moving average of $8.62. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $18.20. The company has a market capitalization of $3.18 billion, a P/E ratio of -18.80 and a beta of 2.05.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $8.66 million. During the same period in the previous year, the business posted ($0.16) earnings per share. IonQ’s quarterly revenue was up 106.4% on a year-over-year basis. Research analysts predict that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Insider Activity

In other news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now owns 592,658 shares of the company’s stock, valued at $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. Company insiders own 11.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on IONQ shares. Benchmark decreased their target price on IonQ from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Monday, August 12th. The Goldman Sachs Group lowered their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Craig Hallum cut their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $13.00 price objective on shares of IonQ in a research note on Wednesday, October 2nd.

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.