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

Wealth Enhancement Advisory Services LLC lessened its stake in IonQ, Inc. (NYSE:IONQ - Free Report) by 58.6% in the 1st quarter, according to the company in 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 SEC filing.

Other large investors also recently made changes to their positions in the company. US Bancorp DE raised its stake in IonQ by 219.5% in the 4th quarter. US Bancorp DE now owns 5,112 shares of the company's stock valued at $214,000 after acquiring an additional 3,512 shares during the period. Smartleaf Asset Management LLC raised its stake in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after acquiring an additional 501 shares during the period. Jones Financial Companies Lllp raised its stake in IonQ by 1,096.0% in the 4th quarter. Jones Financial Companies Lllp now owns 5,322 shares of the company's stock valued at $222,000 after acquiring an additional 4,877 shares during the period. Steward Partners Investment Advisory LLC raised its stake in IonQ by 368.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 9,373 shares of the company's stock valued at $392,000 after acquiring an additional 7,373 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in IonQ by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock valued at $68,740,000 after acquiring an additional 31,638 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Stock Performance

Shares of NYSE IONQ traded up $0.62 during mid-day trading on Wednesday, reaching $45.59. The company had a trading volume of 24,503,378 shares, compared to its average volume of 19,762,387. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The firm has a market cap of $11.93 billion, a price-to-earnings ratio of -30.60 and a beta of 2.55. The business's 50-day simple moving average is $38.40 and its 200 day simple moving average is $34.05.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Needham & Company LLC restated a "buy" rating and issued a $50.00 price target on shares of IonQ in a research note on Wednesday, June 11th. DA Davidson lowered their price objective on 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 initiated coverage on IonQ in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price objective on the stock. Morgan Stanley increased their price objective on IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Finally, Benchmark increased their price objective on IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.43.

Insider Transactions at IonQ

In other IonQ news, insider Peter Hume Chapman sold 3,581,193 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $38.13, for a total transaction of $136,550,889.09. Following the completion of the transaction, the insider owned 390,329 shares of the company's stock, valued at approximately $14,883,244.77. The trade was a 90.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 25,696 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $40.46, for a total value of $1,039,660.16. Following the transaction, the director directly owned 62,115 shares of the company's stock, valued at approximately $2,513,172.90. The trade was a 29.26% 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 valued at $355,891,729. Company insiders own 5.20% of the company's stock.

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.