Redwood Wealth Management Group LLC Acquires Shares of 5,033 IonQ, Inc. $IONQ

Redwood Wealth Management Group LLC acquired a new stake in IonQ, Inc. (NYSE:IONQ) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 5,033 shares of the company’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mission Wealth Management LP bought a new stake in IonQ in the second quarter valued at approximately $1,383,000. Kovack Advisors Inc. bought a new position in shares of IonQ during the second quarter valued at approximately $1,439,000. Wolverine Asset Management LLC raised its holdings in shares of IonQ by 38.2% during the second quarter. Wolverine Asset Management LLC now owns 18,673 shares of the company’s stock valued at $802,000 after acquiring an additional 5,165 shares in the last quarter. Savvy Advisors Inc. bought a new position in shares of IonQ during the second quarter valued at approximately $423,000. Finally, Spire Wealth Management raised its holdings in shares of IonQ by 58.0% during the second quarter. Spire Wealth Management now owns 1,090 shares of the company’s stock valued at $47,000 after acquiring an additional 400 shares in the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Trading Up 3.6%

NYSE IONQ opened at $62.33 on Friday. IonQ, Inc. has a 12 month low of $14.15 and a 12 month high of $84.64. The stock has a market cap of $21.65 billion, a P/E ratio of -31.01 and a beta of 2.60. The stock’s fifty day moving average price is $60.07 and its 200-day moving average price is $45.93.

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

Insider Transactions at IonQ

In related news, insider Robert T. Cardillo sold 8,773 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the sale, the insider directly owned 37,436 shares of the company’s stock, valued at $1,891,266.72. This trade represents a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul T. Dacier sold 4,175 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $44.40, for a total value of $185,370.00. Following the sale, the insider directly owned 114,454 shares in the company, valued at $5,081,757.60. This trade represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 131,398 shares of company stock valued at $5,665,690. 5.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of recent analyst reports. Zacks Research downgraded IonQ from a “hold” rating to a “strong sell” rating in a report on Monday, October 6th. Cantor Fitzgerald upped their target price on IonQ from $45.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, September 15th. Oppenheimer initiated coverage on IonQ in a report on Wednesday, July 30th. They set an “outperform” rating for the company. DA Davidson downgraded IonQ from a “buy” rating to a “neutral” rating and set a $35.00 target price for the company. in a report on Thursday, August 7th. Finally, B. Riley upped their price target on IonQ from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.