IonQ, Inc. (NYSE:IONQ) Shares Bought by State Street Corp

State Street Corp lifted its stake in shares of IonQ, Inc. (NYSE:IONQ) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,260,880 shares of the company’s stock after purchasing an additional 75,596 shares during the quarter. State Street Corp owned about 1.99% of IonQ worth $37,240,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quest Partners LLC boosted its holdings in 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. Redwood Wealth Management Group LLC purchased a new stake in shares of IonQ during the 2nd quarter worth approximately $67,000. nVerses Capital LLC acquired a new stake in shares of IonQ in the 3rd quarter worth approximately $72,000. Mosley Wealth Management purchased a new position in IonQ in the 2nd quarter valued at approximately $81,000. Finally, Xponance Inc. acquired a new position in IonQ during the second quarter worth $88,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total value of $115,735.00. Following the sale, the executive now owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. The trade was a 1.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,223 shares of company stock valued at $2,286,983. Insiders own 11.60% of the company’s stock.

IonQ Stock Up 17.6 %

IONQ opened at $44.42 on Friday. The company has a 50 day moving average of $25.74 and a two-hundred day moving average of $13.99. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $47.41. The company has a market cap of $9.61 billion, a P/E ratio of -54.84 and a beta of 2.49.

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on IONQ. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC boosted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. DA Davidson assumed coverage on IonQ in a report on Thursday. They set a “buy” rating and a $50.00 price objective for the company. Finally, Craig Hallum lifted their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a report on Friday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.60.

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.