Sovereign Financial Group Inc. Lowers Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Sovereign Financial Group Inc. trimmed its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 52.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 16,465 shares of the company's stock after selling 18,001 shares during the period. Sovereign Financial Group Inc.'s holdings in IonQ were worth $363,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IONQ. Pathway Financial Advisers LLC purchased a new position in IonQ during the fourth quarter valued at $26,000. Smartleaf Asset Management LLC raised its position in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after purchasing an additional 501 shares during the last quarter. Measured Risk Portfolios Inc. purchased a new position in shares of IonQ in the 4th quarter worth about $27,000. TD Waterhouse Canada Inc. purchased a new position in shares of IonQ in the 4th quarter worth about $33,000. Finally, Golden State Wealth Management LLC purchased a new position in IonQ in the fourth quarter worth about $34,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

IonQ Stock Up 6.6%

Shares of IonQ stock opened at $39.08 on Friday. The company has a market cap of $8.71 billion, a price-to-earnings ratio of -48.25 and a beta of 2.59. The company's 50 day moving average is $31.52 and its 200 day moving average is $33.11. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $54.74.

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

Insider Buying and Selling at IonQ

In other IonQ news, Director William F. Scannell purchased 93,066 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the transaction, the director now owns 135,047 shares of the company's stock, valued at approximately $2,945,375.07. The trade was a 221.69% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares in the company, valued at $7,756,875.36. The trade was a 82.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,031,759 shares of company stock valued at $38,029,765. 5.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.