Redwood Wealth Management Group LLC Buys New Stake in IonQ, Inc. (NYSE:IONQ)

Redwood Wealth Management Group LLC bought a new stake in IonQ, Inc. (NYSE:IONQ) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,383 shares of the company’s stock, valued at approximately $226,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after purchasing an additional 480 shares in the last quarter. Spire Wealth Management grew its holdings in shares of IonQ by 406.3% in the fourth quarter. Spire Wealth Management now owns 962 shares of the company’s stock valued at $40,000 after purchasing an additional 772 shares in the last quarter. City State Bank purchased a new position in shares of IonQ in the fourth quarter valued at $36,000. Versant Capital Management Inc boosted its stake in IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after buying an additional 890 shares during the period. Finally, Riggs Asset Managment Co. Inc. boosted its stake in IonQ by 2,325.0% during the fourth quarter. Riggs Asset Managment Co. Inc. now owns 970 shares of the company’s stock worth $43,000 after buying an additional 930 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the sale, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

IONQ has been the subject of several recent analyst reports. The Goldman Sachs Group lifted their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. DA Davidson assumed coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 target price for the company. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC boosted their target price on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ Price Performance

IONQ stock opened at $41.98 on Wednesday. The business has a 50-day moving average price of $38.59 and a 200 day moving average price of $21.28. The company has a market capitalization of $9.08 billion, a P/E ratio of -51.82 and a beta of 2.41. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74.

IonQ (NYSE:IONQ) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s revenue was up 102.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.22) earnings per share. On average, analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal 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.