UBS AM Reduces Holdings in IonQ, Inc.

On December 15th, 2024, UBS AM, a specialized unit of UBS ASSET MANAGEMENT AMERICAS LLC, announced a decrease in its stake in IonQ, Inc. (NYSE: IONQ) by 8.7% during the third quarter of this year. According to the company’s latest filing with the Securities and Exchange Commission (SEC), UBS AM sold 26,660 shares, bringing its total ownership down to 280,104 shares. The value of these holdings was approximately $2,448,000 based on the latest assessment.

Other institutional investors have also been active in adjusting their positions regarding IonQ recently. For instance, Milestone Asset Management LLC acquired a new stake during the second quarter, valued at $248,000. In a noteworthy move, the Bank of New York Mellon Corp increased its ownership by 16.7%, now holding 916,536 shares worth $6,443,000 after acquiring an additional 131,439 shares.

Principal Financial Group Inc. raised its stake by 40.6% during the second quarter, bringing its total holdings to 26,801 shares valued at $188,000. Rhumbline Advisers also expanded their position by 13.5%, now owning 295,918 shares worth around $2,080,000 after purchasing an additional 35,158 shares. Additionally, Foundations Investment Advisors LLC significantly increased its stake by 99.5%, now holding 121,242 shares valued at $852,000. Currently, institutional and hedge fund investors own 41.42% of the stock.

Insider Transactions

Recent insider activity has also been noteworthy. The Chief Financial Officer (CFO) of IonQ, Thomas G. Kramer, recently sold 9,780 shares on December 11th at an average price of $29.72, totaling $290,661.60. Post-sale, he retains 926,114 shares, valued at approximately $27,524,108.08, marking a 1.04% reduction in his ownership.

Meanwhile, the Chief Revenue Officer (CRO), Rima Alameddine, sold 9,159 shares on October 14th at an average price of $10.72, accounting for a total value of $98,184.48. After this transaction, she holds 648,783 shares worth about $6,954,953.76, reflecting a 1.39% decrease in her stake. Collectively, insiders sold a total of 110,223 shares worth around $2,286,983 in the last quarter, representing 11.60% of the company’s stock owned by insiders.

IonQ Stock Performance Insights

As for IonQ's stock performance, shares opened at $33.83 on Friday. The company has experienced a significant range over the past year, with a low of $6.22 and a high of $38.45. Presently, the 50-day moving average stands at $22.61, while the 200-day moving average is at $12.88. IonQ has a market capitalization of $7.32 billion, a P/E ratio of -41.77, and a beta of 2.49, suggesting a relatively high level of volatility.

IonQ recently reported its quarterly earnings on November 6th, revealing an earnings per share (EPS) of ($0.24), which fell short of analyst expectations of ($0.22) by $0.02. The company’s negative net margin stood at 457.85%, with a negative return on equity of 36.82%. Nonetheless, IonQ's revenue for the quarter was $12.40 million, surpassing expectations of $10.56 million. In comparison to the same quarter last year, revenue grew by an impressive 102.1%. Analysts are predicting an EPS of -0.86 for the current fiscal year.

Analyst Ratings and Price Targets

Multiple brokerages have recently updated their price targets for IonQ. On November 7th, Craig Hallum lifted its price objective from $15.00 to $22.00 and assigned a “buy” rating. Similarly, Needham & Company LLC raised their target from $13.00 to $18.00, also giving a “buy” rating. Benchmark has increased its price target from $12.00 to $22.00 with a “buy” rating as well.

About IonQ

IonQ, Inc. is engaged in developing general-purpose quantum computing systems in the United States. The company provides access to quantum computers with various qubit capacities through cloud platforms such as Amazon Web Services (AWS), Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its proprietary cloud service.

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