IonQ, Inc. $IONQ Shares Sold by Sovereign Financial Group Inc.

Key Points

• Sovereign Financial Group Inc. reduced its holdings in IonQ, Inc. by 38.8%, resulting in ownership of 10,081 shares valued at approximately $433,000.
• Equities analysts have mixed ratings on IonQ, with seven analysts giving a buy rating and a consensus target price of $58.33 compared to a recent high of $82.97.
• IonQ reported a revenue increase of 81.6% year-over-year, despite missing earnings per share estimates with a reported loss of $0.70.

Sovereign Financial Group Inc. lessened its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 38.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,081 shares of the company's stock after selling 6,384 shares during the period. Sovereign Financial Group Inc.'s holdings in IonQ were worth $433,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of IONQ. GAMMA Investing LLC increased its holdings in shares of IonQ by 4,683.1% in the 1st quarter. GAMMA Investing LLC now owns 54,336 shares of the company's stock worth $1,199,000 after acquiring an additional 53,200 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of IonQ by 780.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after acquiring an additional 1,295 shares during the period. SG Americas Securities LLC increased its holdings in shares of IonQ by 60.2% in the 1st quarter. SG Americas Securities LLC now owns 12,818 shares of the company's stock worth $283,000 after acquiring an additional 4,818 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of IonQ by 32.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 27,476 shares of the company's stock worth $606,000 after acquiring an additional 6,717 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its holdings in shares of IonQ by 91.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 9,385 shares of the company's stock worth $207,000 after acquiring an additional 4,485 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on IONQ shares. Sanford C. Bernstein started coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating on the stock. Needham & Company LLC raised their target price on shares of IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Oppenheimer started coverage on shares of IonQ in a research note on Wednesday, July 30th. They set an "outperform" rating on the stock. Rosenblatt Securities reissued a "buy" rating and set a $70.00 target price on shares of IonQ in a research note on Monday, September 15th. Finally, Zacks Research cut shares of IonQ from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $58.33.

IonQ Price Performance

Shares of IONQ opened at $70.88 on Monday. The firm's 50 day moving average is $53.00 and its 200-day moving average is $41.71. The stock has a market capitalization of $21.04 billion, a P/E ratio of -35.26 and a beta of 2.60. IonQ, Inc. has a 12-month low of $9.62 and a 12-month high of $82.97.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The business had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The business's revenue for the quarter was up 81.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.18) EPS. As a group, equities research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Masi Niccolo De sold 16,120 shares of IonQ stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $715,728.00. Following the transaction, the chief executive officer owned 1,181,186 shares of the company's stock, valued at $52,444,658.40. The trade was a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 19,976 shares of IonQ stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the transaction, the executive directly owned 532,616 shares in the company, valued at $23,648,150.40. This represents a 3.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 178,876 shares of company stock worth $7,930,390. 5.20% of the stock is owned by insiders.

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.

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