IonQ, Inc. $IONQ Shares Acquired by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory increased its stake in IonQ by 56.8% in Q3 to 47,545 shares (an additional 17,215 shares), valued at about $2.924 million, while Nations Financial boosted its position 664.2% to 49,171 shares and institutional ownership stands at 41.42%.
• IonQ reported a Q3 EPS loss of ($3.58), missing estimates by $3.14, but its revenue jumped 221.5% year-over-year to $39.87 million, beating the $26.99 million consensus; the company still shows deeply negative margins and ROE.
• Wall Street sentiment is mixed but tilted positive: the consensus rating is a "Moderate Buy" with a consensus target price of $75.91 (nine Buy, six Hold, one Sell among analysts).

Wealth Enhancement Advisory Services LLC raised its stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 56.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 SEC filing.

Several other large investors have also recently made changes to their positions in IONQ. Glass Jacobson Investment Advisors llc purchased a new position in shares of IonQ during the 3rd quarter worth approximately $61,000. Amalgamated Bank boosted its position in shares of IonQ by 28.7% during the third quarter. Amalgamated Bank now owns 8,963 shares of the company's stock worth $551,000 after buying an additional 2,000 shares during the period. Oak Ridge Investments LLC acquired a new position in IonQ during the 3rd quarter worth about $1,839,000. Hartline Investment Corp purchased a new position in IonQ during the 3rd quarter valued at about $253,000. Finally, Nations Financial Group Inc. IA ADV increased its stake in IonQ by 664.2% during the third quarter. Nations Financial Group Inc. IA ADV now owns 49,171 shares of the company's stock worth $3,024,000 after purchasing an additional 42,737 shares during the period. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Stock Up 0.6%

IONQ stock opened at $45.74 on Thursday. The business has a 50 day moving average price of $48.54 and a 200 day moving average price of $51.44. The stock has a market cap of $15.89 billion, a price-to-earnings ratio of -8.55 and a beta of 2.63. IonQ, Inc. has a fifty-two week low of $17.88 and a fifty-two week high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The company had revenue of $39.87 million for the quarter, compared to analysts' expectations of $26.99 million. During the same quarter in the prior year, the firm posted ($0.24) EPS. The firm's quarterly revenue was up 221.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Transactions at IonQ

In other news, Director William J. Teuber, Jr. bought 2,000 shares of IonQ stock in a transaction dated Tuesday, November 11th. The stock was acquired at an average cost of $54.81 per share, with a total value of $109,620.00. Following the acquisition, the director owned 6,413 shares of the company's stock, valued at approximately $351,496.53. This trade represents a 45.32% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 100,000 shares of IonQ stock in a transaction that occurred 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 transaction, the executive directly owned 432,616 shares in the company, valued at approximately $20,285,364.24. This trade represents a 18.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 125,000 shares of company stock worth $5,992,000. Corporate insiders own 5.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on IONQ shares. Weiss Ratings reissued a "sell (d-)" rating on shares of IonQ in a research note on Thursday, January 22nd. Mizuho assumed coverage on IonQ in a report on Thursday, December 11th. They issued an "outperform" rating and a $90.00 target price for the company. Rosenblatt Securities restated a "buy" rating and set a $100.00 price target on shares of IonQ in a report on Tuesday. Morgan Stanley lifted their price objective on IonQ from $32.00 to $58.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 4th. Finally, Wedbush began coverage on shares of IonQ in a research note on Wednesday, December 17th. They set an "outperform" rating and a $60.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, IonQ currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.91.

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. 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.

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