Friedenthal Financial Makes New Investment in IonQ, Inc. (NYSE:IONQ)

Friedenthal Financial acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,361 shares of the company’s stock, valued at approximately $850,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. City State Bank bought a new stake in shares of IonQ during the fourth quarter worth approximately $36,000. Versant Capital Management Inc boosted its stake in IonQ by 1,348.5% in the 4th quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after purchasing an additional 890 shares during the period. Future Financial Wealth Managment LLC bought a new position in IonQ during the 4th quarter worth $42,000. Quest Partners LLC lifted its holdings in shares of IonQ by 4,824.2% during the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock worth $46,000 after buying an additional 6,368 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position 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 acquiring an additional 480 shares during the period. 41.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IONQ. 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. Needham & Company LLC increased their price target on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark lifted their price objective on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. DA Davidson began coverage on IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Craig Hallum upped their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, IonQ presently has an average rating of “Moderate Buy” and an average price target of $33.00.

IonQ Price Performance

Shares of IONQ stock traded down $4.48 on Monday, hitting $27.85. 51,432,457 shares of the company’s stock were exchanged, compared to its average volume of 49,852,938. The company has a 50 day moving average of $34.12 and a 200 day moving average of $17.78. The stock has a market cap of $6.03 billion, a P/E ratio of -34.38 and a beta of 2.49. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74.

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

Insider Activity at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares in the company, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 100,348 shares of company stock worth $2,181,123 in the last quarter. 11.60% of the stock is owned by insiders.

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.