Total Clarity Wealth Management Inc. Purchases New Stake in IonQ, Inc. $IONQ

Key Points

• Total Clarity Wealth Management Inc. has acquired a new stake in IonQ, purchasing 14,905 shares valued at approximately $640,000.
• IonQ experienced significant institutional investment in Q1, with GAMMA Investing LLC increasing its stake by 4,683.1%, now owning 54,336 shares worth $1,199,000.
• The company reported a net loss of $0.70 per share for the last quarter, missing analyst estimates, despite a revenue increase of 81.6% year-over-year.

Total Clarity Wealth Management Inc. bought a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 14,905 shares of the company's stock, valued at approximately $640,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IONQ. GAMMA Investing LLC boosted its position in IonQ by 4,683.1% during the first 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 during the period. Farther Finance Advisors LLC boosted its position in IonQ by 780.1% during the first quarter. Farther Finance Advisors LLC now owns 1,461 shares of the company's stock worth $34,000 after purchasing an additional 1,295 shares during the period. SG Americas Securities LLC boosted its position in IonQ by 60.2% during the first quarter. SG Americas Securities LLC now owns 12,818 shares of the company's stock worth $283,000 after purchasing an additional 4,818 shares during the period. Janney Montgomery Scott LLC boosted its position in IonQ by 32.4% during the first quarter. Janney Montgomery Scott LLC now owns 27,476 shares of the company's stock worth $606,000 after purchasing an additional 6,717 shares during the period. Finally, Kingswood Wealth Advisors LLC boosted its position in IonQ by 91.5% during the first quarter. Kingswood Wealth Advisors LLC now owns 9,385 shares of the company's stock worth $207,000 after purchasing an additional 4,485 shares during the period. Institutional investors own 41.42% of the company's stock.

IonQ Price Performance

Shares of IONQ opened at $82.27 on Tuesday. The firm's 50 day simple moving average is $53.85 and its 200 day simple moving average is $42.13. The company has a market capitalization of $24.42 billion, a P/E ratio of -40.93 and a beta of 2.60. IonQ, Inc. has a 1-year low of $10.33 and a 1-year high of $84.64.

IonQ (NYSE:IONQ - Get Free Report) last announced its 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 analysts' expectations 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 for the quarter was up 81.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.18) earnings per share. On average, equities analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at IonQ

In other news, insider Robert T. Cardillo sold 8,773 shares of the firm'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 value of $443,211.96. Following the transaction, the insider owned 37,436 shares in the company, valued at approximately $1,891,266.72. This trade represents a 18.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 19,976 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $44.40, for a total transaction of $886,934.40. Following the completion of the transaction, the executive owned 532,616 shares in the company, valued at $23,648,150.40. This represents a 3.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 178,876 shares of company stock valued at $7,930,390. 5.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on IONQ shares. DA Davidson lowered shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 target price for the company. in a research report on Thursday, August 7th. Benchmark boosted their price objective on shares of IonQ from $55.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. B. Riley boosted their price objective on shares of IonQ from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Sanford C. Bernstein began coverage on shares of IonQ in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. Finally, Needham & Company LLC boosted their price objective on shares of IonQ from $60.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $58.33.

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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