Pandora Wealth Inc. Buys New Position in IonQ, Inc. (NYSE:IONQ)

Key Points

• Pandora Wealth Inc. purchased 6,600 shares of IonQ, valued at approximately $146,000, indicating growing institutional interest in the company.
• IonQ has recently received a series of positive price target upgrades from analysts, increasing from $50.00 to as much as $70.00, with a general consensus rating of "Moderate Buy."
• Insiders have sold a significant amount of IonQ stock recently, with the CRO selling 65,000 shares and the CEO selling over 2.5 million shares, raising questions about insider confidence.

Pandora Wealth Inc. bought a new stake in IonQ, Inc. (NYSE:IONQ - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,600 shares of the company's stock, valued at approximately $146,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. ORG Partners LLC raised its stake in IonQ by 348.0% in the first quarter. ORG Partners LLC now owns 1,120 shares of the company's stock valued at $26,000 after purchasing an additional 870 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new stake in IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new stake in IonQ in the fourth quarter valued at approximately $33,000. Future Financial Wealth Managment LLC raised its stake in IonQ by 50.0% in the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in IonQ by 780.1% in the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock valued at $34,000 after purchasing an additional 1,295 shares in the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Benchmark increased their price target on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Rosenblatt Securities assumed coverage on shares of IonQ in a research report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price target on the stock. Cantor Fitzgerald assumed coverage on shares of IonQ in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating on shares of IonQ in a research report on Monday. Finally, Oppenheimer assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They set an "outperform" rating on the stock. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, IonQ has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Insider Activity

In related news, CRO Rima Alameddine sold 65,000 shares of IonQ stock in a transaction on Friday, June 13th. The shares were sold at an average price of $38.57, for a total value of $2,507,050.00. Following the sale, the executive owned 552,592 shares in the company, valued at $21,313,473.44. The trade was a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Masi Niccolo De sold 2,597,500 shares of IonQ stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total transaction of $104,783,150.00. Following the completion of the sale, the chief executive officer owned 711,987 shares in the company, valued at approximately $28,721,555.58. This trade represents a 78.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,209,626 shares of company stock worth $361,253,723 over the last ninety days. Company insiders own 5.20% of the company's stock.

IonQ Stock Performance

Shares of IonQ stock opened at $41.90 on Friday. IonQ, Inc. has a 52-week low of $6.54 and a 52-week high of $54.74. The stock has a market capitalization of $10.96 billion, a price-to-earnings ratio of -20.85 and a beta of 2.54. The company's 50 day moving average price is $41.42 and its 200-day moving average price is $34.35.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results 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). IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%. The firm had revenue of $20.69 million during the quarter, compared to the consensus estimate of $17.23 million. During the same quarter in the prior year, the business posted ($0.18) EPS. The firm's revenue for the quarter was up 81.6% on a year-over-year basis. As a group, equities research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

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.

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