Patriot Financial Group Insurance Agency LLC Acquires Shares of 30,730 IonQ, Inc. $IONQ

Key Points

• Patriot Financial Group Insurance Agency LLC acquired 30,730 shares of IonQ, Inc., valued at approximately $1,320,000, in the 2nd quarter.
• Several analysts have given IonQ a range of ratings, with a consensus price target of $58.33, and 7 analysts rating it as a Buy.
• Insider selling reported included CFO Thomas G. Kramer selling 64,578 shares for approximately $2.7 million, marking a significant decrease in their ownership stake.

Patriot Financial Group Insurance Agency LLC purchased a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 30,730 shares of the company's stock, valued at approximately $1,320,000.

Several other institutional investors also recently modified their holdings of the business. Miracle Mile Advisors LLC grew its position in shares of IonQ by 2.5% during the 1st quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock worth $452,000 after buying an additional 500 shares during the period. Signaturefd LLC grew its position in shares of IonQ by 20.7% during the 1st quarter. Signaturefd LLC now owns 4,048 shares of the company's stock worth $89,000 after buying an additional 694 shares during the period. Golden State Wealth Management LLC grew its position in shares of IonQ by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company's stock worth $36,000 after buying an additional 808 shares during the period. ORG Partners LLC grew its position in shares of IonQ by 348.0% during the 1st quarter. ORG Partners LLC now owns 1,120 shares of the company's stock worth $26,000 after buying an additional 870 shares during the period. Finally, Allworth Financial LP grew its position in shares of IonQ by 33.7% during the 1st quarter. Allworth Financial LP now owns 3,682 shares of the company's stock worth $81,000 after buying an additional 929 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on IONQ shares. Sanford C. Bernstein started coverage on shares of IonQ in a research report on Wednesday, July 30th. They set a "market perform" rating for the company. Cantor Fitzgerald lifted their price target on shares of IonQ from $45.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Weiss Ratings restated a "sell (d-)" rating on shares of IonQ in a report on Saturday, September 27th. Benchmark boosted their price objective on shares of IonQ from $55.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Finally, Rosenblatt Securities restated a "buy" rating and set a $70.00 price objective on shares of IonQ in a report on Monday, September 15th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $58.33.

Insider Buying and Selling

In other news, CFO Thomas G. Kramer sold 64,578 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $41.82, for a total value of $2,700,651.96. Following the completion of the transaction, the chief financial officer owned 473,302 shares in the company, valued at $19,793,489.64. This represents a 12.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert T. Cardillo sold 8,773 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $50.52, for a total transaction of $443,211.96. Following the completion of the transaction, the insider 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. Over the last three months, insiders have sold 279,047 shares of company stock valued at $12,602,891. 5.20% of the stock is owned by corporate insiders.

IonQ Stock Performance

Shares of NYSE IONQ opened at $73.17 on Friday. The stock has a market cap of $21.72 billion, a P/E ratio of -36.40 and a beta of 2.60. The firm has a 50 day moving average price of $49.39 and a 200 day moving average price of $39.66. IonQ, Inc. has a 52-week low of $8.85 and a 52-week high of $76.13.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). The company 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 business's quarterly 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. Analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

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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