Wealth Enhancement Advisory Services LLC Trims Stock Position in IonQ, Inc. (NYSE:IONQ)

Wealth Enhancement Advisory Services LLC cut its stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 58.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted 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 period. Measured Risk Portfolios Inc. acquired a new position in shares of IonQ in the 4th quarter worth approximately $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ in the 4th quarter worth approximately $33,000. Future Financial Wealth Managment LLC lifted its position in shares of IonQ by 50.0% in the 1st quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after purchasing an additional 500 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in shares of IonQ by 780.1% in the 1st 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. 41.42% of the stock is owned by institutional investors.

Insider Transactions at IonQ

In other news, insider Peter Hume Chapman sold 1,497,311 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $39.93, for a total value of $59,787,628.23. Following the completion of the sale, the insider owned 390,329 shares in the company, valued at $15,585,836.97. This represents a 79.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 45,000 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $46.18, for a total transaction of $2,078,100.00. Following the transaction, the executive owned 552,592 shares of the company's stock, valued at $25,518,698.56. This represents a 7.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,094,201 shares of company stock worth $355,891,729. 5.20% of the stock is owned by insiders.

Analysts Set New Price Targets

IONQ has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Needham & Company LLC reiterated a "buy" rating and set a $50.00 target price on shares of IonQ in a research report on Wednesday, June 11th. DA Davidson dropped their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Cantor Fitzgerald assumed coverage on shares of IonQ in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 target price on the stock. Finally, Benchmark boosted their target price on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $41.43.

IonQ Stock Down 0.5%

IONQ traded down $0.23 during trading on Thursday, hitting $45.33. 7,444,271 shares of the company's stock were exchanged, compared to its average volume of 23,414,285. The business's 50 day moving average is $38.76 and its two-hundred day moving average is $34.13. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The stock has a market cap of $11.86 billion, a P/E ratio of -30.45 and a beta of 2.55.

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