Sageworth Trust Co Makes New Investment in IonQ, Inc. (NYSE:IONQ)

Sageworth Trust Co purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $418,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in IonQ during the fourth quarter worth $34,000. Strategic Financial Concepts LLC acquired a new stake in IonQ in the 4th quarter worth $1,745,000. Choreo LLC bought a new position in shares of IonQ during the 4th quarter worth about $462,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of IonQ during the fourth quarter valued at about $3,840,000. Finally, Redwood Wealth Management Group LLC bought a new stake in shares of IonQ in the fourth quarter valued at about $226,000. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

IonQ stock opened at $40.55 on Friday. The business has a 50 day simple moving average of $39.20 and a 200 day simple moving average of $21.81. The company has a market capitalization of $8.77 billion, a PE ratio of -50.06 and a beta of 2.41. IonQ, Inc. has a one year low of $6.22 and a one 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 (EPS) 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 company had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same quarter in the prior year, the company earned ($0.22) earnings per share. The business’s revenue was up 102.1% compared to the same quarter last year. Equities analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was 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 owns 926,114 shares in the company, valued at approximately $27,524,108.08. The trade was a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 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 $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IONQ. Needham & Company LLC boosted their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark upped their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. 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 price target on the stock. Finally, The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

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.