Wealth Enhancement Advisory Services LLC Boosts Stock Position in IonQ, Inc. $IONQ

Wealth Enhancement Advisory Services LLC raised its stake in IonQ, Inc. (NYSE:IONQ) by 56.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 47,545 shares of the company’s stock after acquiring an additional 17,215 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in IonQ were worth $2,924,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of IonQ by 12.5% during the first quarter. Royal Bank of Canada now owns 134,176 shares of the company’s stock worth $2,962,000 after purchasing an additional 14,898 shares during the period. Amundi purchased a new position in IonQ during the 1st quarter worth $630,000. AQR Capital Management LLC lifted its stake in shares of IonQ by 106.2% in the 1st quarter. AQR Capital Management LLC now owns 57,305 shares of the company’s stock worth $1,265,000 after acquiring an additional 29,513 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of IonQ by 24.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 450,031 shares of the company’s stock valued at $9,932,000 after acquiring an additional 87,428 shares in the last quarter. Finally, Focus Partners Wealth increased its stake in shares of IonQ by 30.3% during the first quarter. Focus Partners Wealth now owns 46,782 shares of the company’s stock worth $1,032,000 after acquiring an additional 10,881 shares during the period. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on IONQ shares. JPMorgan Chase & Co. started coverage on IonQ in a research report on Thursday, November 20th. They set a “neutral” rating and a $47.00 target price on the stock. Wedbush initiated coverage on IonQ in a report on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 target price for the company. Jefferies Financial Group began coverage on shares of IonQ in a research report on Tuesday, December 16th. They set a “buy” rating and a $100.00 target price on the stock. Cantor Fitzgerald increased their price target on shares of IonQ from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Finally, DA Davidson boosted their price objective on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.91.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 100,000 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total value of $4,689,000.00. Following the sale, the executive directly owned 432,616 shares in the company, valued at $20,285,364.24. This represents a 18.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Teuber, Jr. acquired 2,000 shares of IonQ stock in a transaction that occurred on Tuesday, November 11th. The shares were purchased at an average cost of $54.81 per share, for a total transaction of $109,620.00. Following the purchase, the director directly owned 6,413 shares of the company’s stock, valued at approximately $351,496.53. This trade represents a 45.32% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 125,000 shares of company stock valued at $5,992,000 over the last three months. 5.20% of the stock is currently owned by insiders.

IonQ Trading Up 0.6%

Shares of IONQ opened at $45.74 on Thursday. The stock has a market cap of $15.89 billion, a P/E ratio of -8.55 and a beta of 2.63. The company has a 50-day moving average of $48.54 and a two-hundred day moving average of $51.44. IonQ, Inc. has a 12-month low of $17.88 and a 12-month high of $84.64.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing the consensus estimate of ($0.44) by ($3.14). IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The business had revenue of $39.87 million during the quarter, compared to analyst estimates of $26.99 million. During the same quarter in the prior year, the company earned ($0.24) earnings per share. The firm’s revenue for the quarter was up 221.5% compared to the same quarter last year. As a group, analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.