Owen LaRue LLC Makes New $2.66 Million Investment in IonQ, Inc. $IONQ

Key Points

• Owen LaRue LLC made a new investment of approximately $2.66 million in IonQ, acquiring 61,794 shares during the second quarter, making it the firm's 23rd largest holding.
• Insider transactions at IonQ included Rima Alameddine selling nearly 20,000 shares and Robert T. Cardillo selling about 8,800 shares, reflecting a decrease in their ownership stakes.
• IonQ has seen significant growth predictions, with analysts setting price targets between $58.33 and $100.00, reflecting a consensus rating of "Moderate Buy" for the stock.

Owen LaRue LLC acquired a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 61,794 shares of the company's stock, valued at approximately $2,655,000. IonQ accounts for about 1.1% of Owen LaRue LLC's holdings, making the stock its 23rd largest holding.

Other large investors have also modified their holdings of the company. Modus Advisors LLC bought a new stake in IonQ in the 2nd quarter valued at $219,000. GAMMA Investing LLC increased its position in shares of IonQ by 4,683.1% during the 1st quarter. GAMMA Investing LLC now owns 54,336 shares of the company's stock worth $1,199,000 after purchasing an additional 53,200 shares in the last quarter. Rhumbline Advisers increased its position in shares of IonQ by 6.6% during the 1st quarter. Rhumbline Advisers now owns 323,930 shares of the company's stock worth $7,149,000 after purchasing an additional 20,127 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of IonQ by 54.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,735 shares of the company's stock worth $203,000 after purchasing an additional 3,068 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its position in shares of IonQ by 15.7% during the 1st quarter. Stratos Wealth Partners LTD. now owns 20,740 shares of the company's stock worth $458,000 after purchasing an additional 2,814 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 19,976 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $886,934.40. Following the completion of the transaction, the executive owned 532,616 shares of the company's stock, valued at approximately $23,648,150.40. This represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert T. Cardillo sold 8,773 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the completion of the transaction, the insider directly owned 37,436 shares of the company's stock, valued at $1,891,266.72. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 351,047 shares of company stock valued at $15,645,611 over the last three months. 5.20% of the stock is owned by insiders.

IonQ Price Performance

NYSE:IONQ opened at $69.44 on Friday. The firm's fifty day moving average price is $46.68 and its two-hundred day moving average price is $37.83. The company has a market cap of $20.61 billion, a P/E ratio of -34.55 and a beta of 2.54. IonQ, Inc. has a one year low of $7.59 and a one year high of $76.13.

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

Wall Street Analysts Forecast Growth

IONQ has been the subject of several research reports. Rosenblatt Securities restated a "buy" rating and issued a $70.00 price objective on shares of IonQ in a research report on Monday, September 15th. Cantor Fitzgerald lifted their price objective on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Benchmark lifted their price objective on shares of IonQ from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Oppenheimer started coverage on shares of IonQ in a report on Wednesday, July 30th. They issued an "outperform" rating for the company. Finally, B. Riley upped their price target on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a report on Monday. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, IonQ currently has a consensus rating of "Moderate Buy" and an average price target of $58.33.

IonQ Company 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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