Sovereign Financial Group Inc. Has $1.44 Million Stock Position in IonQ, Inc. (NYSE:IONQ)

Sovereign Financial Group Inc. raised its stake in IonQ, Inc. (NYSE:IONQ) by 13.3% in the 4th quarter, HoldingsChannel reports. The fund owned 34,466 shares of the company’s stock after buying an additional 4,044 shares during the quarter. Sovereign Financial Group Inc.’s holdings in IonQ were worth $1,440,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. City State Bank bought a new stake in shares of IonQ during the fourth quarter valued at approximately $36,000. Versant Capital Management Inc boosted its position 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 buying an additional 890 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in IonQ in the 4th quarter valued at $42,000. Quest Partners LLC increased its stake in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after buying an additional 6,368 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of IonQ by 73.2% during the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after acquiring an additional 480 shares during the last quarter. 41.42% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction 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 trade 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 company’s stock in a transaction 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 directly owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 90,473 shares of company stock worth $2,065,388. Corporate insiders own 11.60% of the company’s stock.

Wall Street Analyst Weigh In

IONQ has been the topic of several recent research reports. DA Davidson began coverage on IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price target on the stock. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC increased their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Craig Hallum raised their price objective 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. Finally, Benchmark upped their target price on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Price Performance

Shares of NYSE:IONQ opened at $29.60 on Wednesday. The firm’s 50 day simple moving average is $34.67 and its 200 day simple moving average is $18.09. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The company has a market capitalization of $6.41 billion, a price-to-earnings ratio of -36.54 and a beta of 2.43.

IonQ (NYSE:IONQ) last posted 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 firm had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same quarter last year, the business posted ($0.22) earnings per share. The company’s revenue for the quarter was up 102.1% on a year-over-year basis. Equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

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.