Redwood Wealth Management Group LLC Makes New $67,000 Investment in IonQ, Inc. (NYSE:IONQ)

Redwood Wealth Management Group LLC acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) in the 2nd quarter, HoldingsChannel reports. The fund acquired 9,515 shares of the company’s stock, valued at approximately $67,000.

A number of other hedge funds have also made changes to their positions in the business. Quest Partners LLC boosted its holdings in IonQ by 4,824.2% in the second quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares in the last quarter. Mosley Wealth Management acquired a new position in shares of IonQ in the 2nd quarter valued at $81,000. National Bank of Canada FI grew its position in shares of IonQ by 26.1% in the 4th quarter. National Bank of Canada FI now owns 8,000 shares of the company’s stock valued at $97,000 after buying an additional 1,655 shares during the last quarter. DNB Asset Management AS acquired a new stake in IonQ during the 2nd quarter worth $117,000. Finally, QCM Cayman Ltd. purchased a new stake in IonQ in the first quarter valued at $120,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

Shares of NYSE:IONQ opened at $7.76 on Monday. IonQ, Inc. has a one year low of $6.22 and a one year high of $19.29. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -9.35 and a beta of 2.04. The company has a 50-day simple moving average of $7.54 and a 200-day simple moving average of $8.16.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.04. IonQ had a negative return on equity of 34.02% and a negative net margin of 525.13%. The firm had revenue of $11.38 million during the quarter, compared to the consensus estimate of $8.66 million. During the same period in the prior year, the business earned ($0.16) EPS. The firm’s revenue was up 106.4% compared to the same quarter last year. As a group, research analysts forecast that IonQ, Inc. will post -0.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

IONQ has been the topic of several research reports. Craig Hallum dropped their price objective on IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Benchmark dropped their price target on IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, The Goldman Sachs Group reduced their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.00.

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.