Geode Capital Management LLC Acquires 199,360 Shares of IonQ, Inc. (NYSE:IONQ)

Geode Capital Management LLC boosted its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,420,152 shares of the company’s stock after purchasing an additional 199,360 shares during the period. Geode Capital Management LLC owned about 2.06% of IonQ worth $38,640,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd bought a new position in shares of IonQ during the 3rd quarter worth approximately $1,631,000. Main Management ETF Advisors LLC acquired a new stake in shares of IonQ in the 3rd quarter valued at $1,865,000. Zacks Investment Management boosted its stake in shares of IonQ by 10.0% in the 3rd quarter. Zacks Investment Management now owns 154,701 shares of the company’s stock valued at $1,352,000 after purchasing an additional 14,072 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of IonQ during the 3rd quarter worth about $262,000. Finally, State Street Corp lifted its holdings in IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares during the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

IONQ stock opened at $44.58 on Wednesday. The company has a 50 day moving average price of $26.35 and a 200 day moving average price of $14.31. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $47.41. The stock has a market capitalization of $9.65 billion, a PE ratio of -55.04 and a beta of 2.49.

IonQ (NYSE:IONQ) last released its earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The firm had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company’s 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) EPS. As a group, equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IONQ has been the topic of several research analyst reports. DA Davidson initiated coverage on shares of IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 price objective on the stock. Benchmark raised their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC boosted their price objective on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.60.

Insider Buying and Selling at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the company’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 $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares in the company, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter Hume Chapman sold 13,106 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 414,363 shares in the company, valued at $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,223 shares of company stock worth $2,286,983. Company insiders own 11.60% of the company’s stock.

IonQ 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.