Miracle Mile Advisors LLC Takes $835,000 Position in IonQ, Inc. (NYSE:IONQ)

Miracle Mile Advisors LLC bought a new position in IonQ, Inc. (NYSE:IONQ) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 20,000 shares of the company’s stock, valued at approximately $835,000.

Several other large investors have also added to or reduced their stakes in IONQ. City State Bank purchased a new stake in shares of IonQ in the fourth quarter worth approximately $36,000. Versant Capital Management Inc boosted its position in shares of IonQ by 1,348.5% during the fourth 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 stake in IonQ during the fourth quarter worth $42,000. Quest Partners LLC raised its position in 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 last quarter. Finally, GAMMA Investing LLC lifted its stake in IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock valued at $47,000 after acquiring an additional 480 shares in the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Up 33.1 %

Shares of IONQ stock opened at $39.29 on Thursday. The firm has a market cap of $8.50 billion, a P/E ratio of -48.51 and a beta of 2.43. The company has a 50 day moving average of $34.67 and a 200-day moving average of $18.09. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74.

IonQ (NYSE:IONQ) last issued its earnings results 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). The firm had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.22) earnings per share. As a group, equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling at IonQ

In related news, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 22,875 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. This trade represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,473 shares of company stock valued at $2,065,388 over the last three months. 11.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

IONQ has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Benchmark upped their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

IonQ Company 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.