Pinnacle Wealth Management LLC Invests $464,000 in IonQ, Inc. $IONQ

Key Points

• Pinnacle Wealth Management LLC acquired a new stake in IonQ, Inc., purchasing 21,017 shares valued at approximately $464,000 during the first quarter.
• IonQ's recent quarterly earnings report indicated a loss of ($0.70) earnings per share, significantly missing consensus estimates, despite an 81.6% year-over-year increase in revenue.
• Insiders have sold over 9 million shares of IonQ stock in the past three months, indicating a 90% decrease in ownership for key executives and raising concerns about their confidence in the company's future.

Pinnacle Wealth Management LLC acquired a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 21,017 shares of the company's stock, valued at approximately $464,000.

Several other institutional investors and hedge funds have also made changes to their positions in IONQ. Envestnet Asset Management Inc. purchased a new stake in shares of IonQ in the 4th quarter valued at about $353,000. Bank of Montreal Can purchased a new stake in shares of IonQ in the 4th quarter valued at about $437,000. Townsquare Capital LLC purchased a new stake in shares of IonQ in the 4th quarter valued at about $239,000. Mariner LLC lifted its holdings in shares of IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock valued at $2,276,000 after purchasing an additional 350 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of IonQ by 738.1% in the 4th quarter. NewEdge Advisors LLC now owns 17,802 shares of the company's stock valued at $744,000 after purchasing an additional 15,678 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 45,000 shares of IonQ stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the completion of the sale, the executive directly owned 552,592 shares in the company, valued at approximately $25,518,698.56. This trade represents a 7.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Hume Chapman sold 1,497,311 shares of IonQ stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $39.93, for a total transaction of $59,787,628.23. Following the sale, the insider owned 390,329 shares of the company's stock, valued at approximately $15,585,836.97. The trade was a 79.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,209,626 shares of company stock valued at $361,253,723 in the last 90 days. Insiders own 5.20% of the company's stock.

IonQ Price Performance

Shares of NYSE IONQ traded down $3.4730 during trading on Tuesday, hitting $36.7570. 18,535,253 shares of the company were exchanged, compared to its average volume of 19,262,302. The company has a market cap of $10.91 billion, a price-to-earnings ratio of -18.29 and a beta of 2.54. IonQ, Inc. has a 1 year low of $6.54 and a 1 year high of $54.74. The firm's fifty day moving average price is $41.66 and its 200 day moving average price is $34.36.

IonQ (NYSE:IONQ - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.70) 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 company had revenue of $20.69 million for the quarter, compared to analysts' expectations of $17.23 million. During the same quarter in the previous year, the firm posted ($0.18) earnings per share. IonQ's revenue for the quarter was up 81.6% on a year-over-year basis. On average, research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Morgan Stanley boosted their target price on IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Benchmark boosted their target price on IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a report on Monday, July 7th. Oppenheimer began coverage on IonQ in a report on Wednesday, July 30th. They issued an "outperform" rating for the company. Rosenblatt Securities began coverage on IonQ in a research report on Tuesday, July 29th. They issued a "buy" rating and a $70.00 price target on the stock. Finally, Wolfe Research began coverage on IonQ in a research report on Wednesday, July 30th. They issued a "peer perform" rating on the stock. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of "Moderate Buy" and a consensus price target of $45.00.

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.