Wealth Enhancement Advisory Services LLC Sells 19,542 Shares of IonQ, Inc. (NYSE:IONQ)

Wealth Enhancement Advisory Services LLC lowered its stake in IonQ, Inc. (NYSE:IONQ - Free Report) by 58.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,808 shares of the company's stock after selling 19,542 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in IonQ were worth $305,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the last quarter. Sei Investments Co. purchased a new stake in IonQ during the fourth quarter valued at approximately $1,255,000. Cetera Investment Advisers raised its holdings in shares of IonQ by 120.0% in the fourth quarter. Cetera Investment Advisers now owns 34,033 shares of the company's stock worth $1,422,000 after buying an additional 18,566 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of IonQ by 43.4% in the fourth quarter. Wells Fargo & Company MN now owns 255,061 shares of the company's stock worth $10,654,000 after buying an additional 77,151 shares during the last quarter. Finally, US Bancorp DE raised its stake in shares of IonQ by 219.5% during the 4th quarter. US Bancorp DE now owns 5,112 shares of the company's stock valued at $214,000 after buying an additional 3,512 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

IonQ Stock Down 8.9%

IONQ stock traded down $4.11 on Friday, hitting $41.82. The company's stock had a trading volume of 23,222,844 shares, compared to its average volume of 19,988,753. The firm has a 50 day moving average of $39.35 and a two-hundred day moving average of $34.14. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74.

IonQ (NYSE:IONQ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. The company had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. IonQ's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.19) EPS. Sell-side analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insider Activity at IonQ

In related news, CFO Thomas G. Kramer sold 43,382 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $47.73, for a total value of $2,070,622.86. Following the sale, the chief financial officer directly owned 603,134 shares of the company's stock, valued at approximately $28,787,585.82. This trade represents a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wendy Thomas sold 16,696 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $39.43, for a total transaction of $658,323.28. Following the completion of the transaction, the director owned 61,145 shares in the company, valued at $2,410,947.35. The trade was a 21.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,137,583 shares of company stock worth $357,962,352 over the last three months. Company insiders own 5.20% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on IONQ shares. Morgan Stanley lifted their price objective on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. Benchmark lifted their target price on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. DA Davidson reduced their price target on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald started coverage on shares of IonQ in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $50.00 price target on shares of IonQ in a report on Wednesday, June 11th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.43.

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.