Freedom Investment Management Inc. Cuts Stock Holdings in IonQ, Inc. $IONQ

Freedom Investment Management Inc. decreased its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 41.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 11,834 shares of the company’s stock after selling 8,439 shares during the period. Freedom Investment Management Inc.’s holdings in IonQ were worth $509,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in IONQ. Close Asset Management Ltd purchased a new position in IonQ during the 1st quarter valued at about $35,000. SVB Wealth LLC purchased a new position in IonQ during the 1st quarter valued at about $35,000. Golden State Wealth Management LLC increased its position in IonQ by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,616 shares of the company’s stock valued at $36,000 after purchasing an additional 808 shares during the period. Ameritas Advisory Services LLC purchased a new position in IonQ during the 2nd quarter valued at about $46,000. Finally, Private Trust Co. NA purchased a new position in IonQ during the 2nd quarter valued at about $52,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Trading Up 1.6%

NYSE:IONQ opened at $60.30 on Friday. The company has a market cap of $20.95 billion, a PE ratio of -30.00 and a beta of 2.60. IonQ, Inc. has a twelve month low of $14.15 and a twelve month high of $84.64. The company’s 50 day moving average is $57.82 and its two-hundred day moving average is $44.58.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.57). The company had revenue of $20.69 million for the quarter, compared to analysts’ expectations of $17.23 million. IonQ had a negative return on equity of 67.11% and a negative net margin of 885.21%.The firm’s revenue for the quarter was up 81.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.18) EPS. As a group, analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity at IonQ

In other IonQ news, insider Robert T. Cardillo sold 8,773 shares of the business’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 transaction of $443,211.96. Following the sale, the insider owned 37,436 shares of the company’s stock, valued at approximately $1,891,266.72. The trade was a 18.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul T. Dacier sold 4,175 shares of the business’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 $185,370.00. Following the sale, the insider directly owned 114,454 shares in the company, valued at approximately $5,081,757.60. This represents a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 131,398 shares of company stock worth $5,665,690 in the last 90 days. 5.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Benchmark lifted their price objective on shares of IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. Wolfe Research assumed coverage on shares of IonQ in a research report on Wednesday, July 30th. They issued a “peer perform” rating on the stock. B. Riley lifted their price objective on shares of IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price objective on shares of IonQ in a research report on Monday, September 15th. Finally, Needham & Company LLC lifted their price objective on shares of IonQ from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, IonQ currently has an average rating of “Hold” and a consensus target price of $58.33.

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.