Texas Capital Bank Wealth Management Services Inc Takes $262,000 Position in IonQ, Inc. (NYSE:IONQ)

Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 30,000 shares of the company’s stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp grew its position in IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after acquiring an additional 75,596 shares during the last quarter. SG Americas Securities LLC grew its position in shares of IonQ by 27.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,654,531 shares of the company’s stock valued at $18,661,000 after buying an additional 569,906 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of IonQ by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after buying an additional 131,439 shares during the last quarter. Finally, FMR LLC grew its position in shares of IonQ by 7.2% in the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after buying an additional 41,125 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now owns 592,658 shares in the company, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 66,000 shares of company stock valued at $972,331 over the last three months. Company insiders own 11.60% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on IONQ. Craig Hallum upped their price target on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Needham & Company LLC boosted their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

IonQ Stock Performance

IONQ stock opened at $37.94 on Friday. The stock’s 50 day simple moving average is $19.71 and its 200 day simple moving average is $11.82. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $38.45. The company has a market cap of $8.21 billion, a P/E ratio of -46.84 and a beta of 2.49.

IonQ (NYSE:IONQ) last released its 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 the consensus estimate of $10.56 million. During the same period in the prior year, the company earned ($0.22) earnings per share. The business’s revenue was up 102.1% on a year-over-year basis. Equities analysts predict 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.