Ameriprise Financial Inc. Purchases Shares of 706,698 IonQ, Inc. (NYSE:IONQ)

Ameriprise Financial Inc. bought a new position in IonQ, Inc. (NYSE:IONQ - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 706,698 shares of the company's stock, valued at approximately $29,519,000. Ameriprise Financial Inc. owned 0.33% of IonQ at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after buying an additional 2,293,231 shares in the last quarter. Chevy Chase Trust Holdings LLC purchased a new stake in shares of IonQ during the fourth quarter worth $32,060,000. Arrowstreet Capital Limited Partnership acquired a new stake in IonQ during the fourth quarter valued at $29,513,000. Invesco Ltd. grew its stake in IonQ by 439.3% in the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after purchasing an additional 698,146 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in IonQ by 475.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 688,764 shares of the company's stock worth $28,771,000 after purchasing an additional 569,061 shares during the last quarter. 41.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IONQ has been the subject of several research reports. DA Davidson reduced their price target on IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Morgan Stanley boosted their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Needham & Company LLC cut their price target on shares of IonQ from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Benchmark reduced their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, IonQ has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

IonQ Trading Down 2.8%

IonQ stock traded down $0.92 during trading hours on Thursday, reaching $32.49. 11,115,091 shares of the company were exchanged, compared to its average volume of 16,580,182. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The stock has a 50-day moving average of $25.61 and a 200 day moving average of $30.83. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of -40.11 and a beta of 2.46.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. IonQ's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.19) EPS. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insider Activity

In related news, CRO Rima Alameddine sold 1,407 shares of the company's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. This represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now directly owns 414,363 shares of the company's stock, valued at approximately $7,756,875.36. This trade represents a 82.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is owned by insiders.

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.