JPMorgan Chase & Co. Sells 197,620 Shares of IonQ, Inc. (NYSE:IONQ)

JPMorgan Chase & Co. decreased its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 53.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 174,929 shares of the company’s stock after selling 197,620 shares during the quarter. JPMorgan Chase & Co. owned about 0.08% of IonQ worth $1,529,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in IONQ. nVerses Capital LLC purchased a new position in IonQ in the 3rd quarter worth about $72,000. Xponance Inc. purchased a new position in IonQ in the 2nd quarter worth about $88,000. Impact Partnership Wealth LLC bought a new position in IonQ during the 3rd quarter worth about $89,000. Arete Wealth Advisors LLC bought a new position in IonQ during the 3rd quarter worth about $91,000. Finally, Moors & Cabot Inc. bought a new position in IonQ during the 3rd quarter worth about $92,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,098 shares of company stock valued at $1,720,683 over the last quarter. 11.60% of the stock is currently owned by insiders.

IonQ Trading Down 1.8 %

NYSE IONQ opened at $41.27 on Friday. The stock has a market capitalization of $8.93 billion, a price-to-earnings ratio of -50.94 and a beta of 2.43. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $54.74. The stock has a 50-day moving average of $36.86 and a 200 day moving average of $19.43.

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

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.