Main Management ETF Advisors LLC Makes New $1.87 Million Investment in IonQ, Inc. (NYSE:IONQ)

Main Management ETF Advisors LLC purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 213,400 shares of the company’s stock, valued at approximately $1,865,000. Main Management ETF Advisors LLC owned about 0.10% of IonQ as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC raised its holdings in 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. Redwood Wealth Management Group LLC bought a new position in IonQ during the 2nd quarter worth approximately $67,000. nVerses Capital LLC bought a new position in IonQ during the 3rd quarter worth approximately $72,000. Mosley Wealth Management bought a new position in IonQ during the 2nd quarter worth approximately $81,000. Finally, Xponance Inc. bought a new position in IonQ during the 2nd quarter worth approximately $88,000. Institutional investors own 41.42% of the company’s stock.

Wall Street Analyst Weigh In

IONQ has been the subject of several analyst reports. Needham & Company LLC raised their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark raised their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Craig Hallum raised their price objective on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

Insider Activity at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,875 shares of IonQ stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares of the company’s stock, valued at $7,488,001.76. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is owned by company insiders.

IonQ Price Performance

NYSE IONQ opened at $37.94 on Friday. The company has a fifty day simple moving average of $19.71 and a 200 day simple moving average of $11.82. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $38.45.

IonQ (NYSE:IONQ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same period in the previous year, the business posted ($0.22) EPS. The business’s revenue for the quarter was up 102.1% compared to the same quarter last year. On average, equities analysts expect that IonQ, Inc. will post -0.86 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.