Envestnet Asset Management Inc. Invests $353,000 in IonQ, Inc. (NYSE:IONQ)

Envestnet Asset Management Inc. acquired a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,440 shares of the company's stock, valued at approximately $353,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of IonQ by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock worth $892,797,000 after purchasing an additional 125,144 shares in the last quarter. Geode Capital Management LLC lifted its holdings in IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock worth $186,593,000 after acquiring an additional 45,942 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after acquiring an additional 2,293,231 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in IonQ by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company's stock valued at $68,740,000 after acquiring an additional 31,638 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of IonQ by 28.0% in the fourth quarter. Bank of New York Mellon Corp now owns 905,545 shares of the company's stock worth $37,825,000 after acquiring an additional 198,129 shares in the last quarter. Institutional investors own 41.42% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on IONQ shares. The Goldman Sachs Group lifted their price objective on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 price target on shares of IonQ in a report on Thursday, February 27th. Benchmark lowered their price objective on shares of IonQ from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, DA Davidson cut their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, IonQ has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

Insider Buying and Selling

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the transaction, the insider now directly owns 414,363 shares of the company's stock, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 20,047 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $372,272.79. Following the completion of the sale, the executive now owns 572,568 shares in the company, valued at approximately $10,632,587.76. This trade represents a 3.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Insiders own 11.60% of the company's stock.

IonQ Price Performance

IONQ stock traded down $0.18 during midday trading on Wednesday, hitting $29.24. The company's stock had a trading volume of 8,895,515 shares, compared to its average volume of 16,240,613. The company's fifty day moving average price is $24.46 and its 200 day moving average price is $30.25. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $54.74. The stock has a market capitalization of $6.52 billion, a P/E ratio of -36.10 and a beta of 2.46.

IonQ (NYSE:IONQ - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.13. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. Equities analysts expect that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

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.