Ridgecrest Wealth Partners LLC Makes New Investment in IonQ, Inc. $IONQ

Ridgecrest Wealth Partners LLC bought a new position in IonQ, Inc. (NYSE:IONQ) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 14,529 shares of the company’s stock, valued at approximately $894,000.

Other hedge funds have also made changes to their positions in the company. Archer Investment Corp grew its position in IonQ by 119.3% during the 2nd quarter. Archer Investment Corp now owns 592 shares of the company’s stock worth $25,000 after purchasing an additional 322 shares in the last quarter. Hilltop National Bank lifted its holdings in shares of IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company’s stock valued at $26,000 after purchasing an additional 225 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of IonQ in the first quarter worth $35,000. EverSource Wealth Advisors LLC grew its holdings in shares of IonQ by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock valued at $36,000 after buying an additional 279 shares in the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of IonQ during the second quarter valued at $39,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Price Performance

IONQ opened at $53.76 on Tuesday. The company has a market capitalization of $18.68 billion, a PE ratio of -10.05 and a beta of 2.62. IonQ, Inc. has a fifty-two week low of $17.88 and a fifty-two week high of $84.64. The business has a 50-day moving average of $53.66 and a 200-day moving average of $50.17.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) EPS for the quarter, missing the consensus estimate of ($0.44) by ($3.14). The firm had revenue of $39.87 million during the quarter, compared to the consensus estimate of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The company’s quarterly revenue was up 221.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.24) EPS. On average, equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on IONQ. JPMorgan Chase & Co. began coverage on IonQ in a research note on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price objective for the company. Mizuho began coverage on IonQ in a report on Thursday, December 11th. They issued an “outperform” rating and a $90.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Wednesday, October 8th. Benchmark raised their price target on shares of IonQ from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, September 16th. Finally, B. Riley upped their price objective on shares of IonQ from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Nine equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $72.08.

Insiders Place Their Bets

In related news, Director Kathryn K. Chou sold 20,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $51.40, for a total value of $1,028,000.00. Following the completion of the sale, the director directly owned 60,839 shares in the company, valued at approximately $3,127,124.60. This represents a 24.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CRO Rima Alameddine sold 100,000 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $46.89, for a total transaction of $4,689,000.00. Following the transaction, the executive directly owned 432,616 shares in the company, valued at $20,285,364.24. The trade was a 18.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.