Bank of New York Mellon Corp Has $18.64 Million Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Bank of New York Mellon Corp trimmed its position in IonQ, Inc. (NYSE:IONQ - Free Report) by 6.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 844,336 shares of the company's stock after selling 61,209 shares during the quarter. Bank of New York Mellon Corp owned about 0.38% of IonQ worth $18,635,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of IonQ in the 4th quarter worth approximately $10,768,000. Commonwealth Equity Services LLC increased its stake in IonQ by 212.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 110,865 shares of the company's stock worth $4,631,000 after buying an additional 75,420 shares during the period. Harbour Investments Inc. increased its stake in IonQ by 27.1% during the 4th quarter. Harbour Investments Inc. now owns 5,293 shares of the company's stock worth $221,000 after buying an additional 1,127 shares during the period. Cibc World Markets Corp purchased a new stake in IonQ during the 4th quarter worth approximately $786,000. Finally, Signaturefd LLC increased its stake in IonQ by 23.4% during the 4th quarter. Signaturefd LLC now owns 3,354 shares of the company's stock worth $140,000 after buying an additional 637 shares during the period. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Price Performance

IONQ stock traded up $1.64 during midday trading on Friday, reaching $46.48. 25,683,520 shares of the company's stock traded hands, compared to its average volume of 20,290,809. The company has a market capitalization of $12.16 billion, a P/E ratio of -31.19 and a beta of 2.55. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The business has a 50-day moving average price of $40.70 and a two-hundred day moving average price of $34.05.

IonQ (NYSE:IONQ - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. The business had revenue of $7.57 million for the quarter, compared to analysts' expectations of $7.51 million. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The business's revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.19) earnings per share. As a group, research analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IONQ has been the topic of a number of recent analyst reports. Morgan Stanley increased their price objective on shares of IonQ from $29.00 to $30.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. DA Davidson lowered their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a report on Monday, April 14th. Needham & Company LLC restated a "buy" rating and issued a $50.00 target price on shares of IonQ in a report on Wednesday, June 11th. Benchmark upped their target price on shares of IonQ from $50.00 to $55.00 and gave the company a "buy" rating in a report on Monday, July 7th. Finally, Cantor Fitzgerald initiated coverage on shares of IonQ in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price target for the company. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $41.43.

Insider Buying and Selling

In other news, insider Peter Hume Chapman sold 1,497,311 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $39.93, for a total value of $59,787,628.23. Following the completion of the sale, the insider directly owned 390,329 shares of the company's stock, valued at approximately $15,585,836.97. This represents a 79.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 43,382 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $47.73, for a total value of $2,070,622.86. Following the transaction, the chief financial officer owned 603,134 shares of the company's stock, valued at $28,787,585.82. This represents a 6.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,144,372 shares of company stock worth $358,255,229 over the last ninety days. Company insiders own 5.20% of the company's stock.

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.