Milestone Asset Management LLC Grows Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Milestone Asset Management LLC grew its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 55.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 42,333 shares of the company's stock after buying an additional 15,109 shares during the period. Milestone Asset Management LLC's holdings in IonQ were worth $934,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. PDS Planning Inc grew its stake in shares of IonQ by 2.6% in the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company's stock worth $494,000 after acquiring an additional 300 shares during the last quarter. Mariner LLC raised its stake in shares of IonQ by 0.6% in the fourth quarter. Mariner LLC now owns 54,479 shares of the company's stock worth $2,276,000 after buying an additional 350 shares during the period. Allworth Financial LP raised its stake in shares of IonQ by 15.2% in the fourth quarter. Allworth Financial LP now owns 2,753 shares of the company's stock worth $116,000 after buying an additional 363 shares during the period. Future Financial Wealth Managment LLC raised its stake in shares of IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after buying an additional 500 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after purchasing an additional 501 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Stock Down 5.7%

Shares of IONQ traded down $2.24 during mid-day trading on Thursday, reaching $37.40. The company had a trading volume of 10,641,971 shares, compared to its average volume of 17,944,274. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74. The stock has a market capitalization of $8.33 billion, a P/E ratio of -46.17 and a beta of 2.59. The stock has a 50 day moving average of $30.92 and a two-hundred day moving average of $32.93.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $7.57 million during the quarter, compared to analysts' expectations of $7.51 million. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. The business's revenue was down .2% compared to the same quarter last year. On average, sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. DA Davidson decreased their target price on IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley upped their target price on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Benchmark reduced their price target on IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, Needham & Company LLC reduced their price target on IonQ from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $38.33.

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 20,047 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $372,272.79. Following the completion of the sale, the executive now owns 572,568 shares of the company's stock, valued at approximately $10,632,587.76. This trade represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at approximately $17,539,550.70. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,031,759 shares of company stock valued at $38,029,765 over the last quarter. 5.20% of the stock is currently 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.