Redwood Wealth Management Group LLC Invests $226,000 in IonQ, Inc. (NYSE:IONQ)

Redwood Wealth Management Group LLC purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) during the fourth quarter, Holdings Channel.com reports. The fund purchased 5,383 shares of the company’s stock, valued at approximately $226,000.

A number of other large investors have also modified their holdings of IONQ. Charles Schwab Investment Management Inc. boosted its position in IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares during the last quarter. Carnegie Investment Counsel purchased a new stake in IonQ in the third quarter valued at approximately $5,036,000. Yong Rong HK Asset Management Ltd purchased a new stake in IonQ in the third quarter valued at approximately $3,749,000. Rockefeller Capital Management L.P. boosted its position in IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after buying an additional 111,435 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in IonQ in the third quarter valued at approximately $1,631,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Insider Activity at IonQ

In related news, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the completion of the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. This represents a 3.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is owned by insiders.

IonQ Price Performance

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

IonQ (NYSE:IONQ) last announced its earnings results 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). IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The business had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period in the previous year, the company earned ($0.22) earnings per share. The company’s quarterly revenue was up 102.1% compared to the same quarter last year. Analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on IONQ. Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark upped their price objective on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group upped their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. DA Davidson began coverage on IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One research analyst has rated the stock with a hold rating and four have given 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 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.