IonQ, Inc. (NYSE:IONQ) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC cut its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 21.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 604,939 shares of the company's stock after selling 162,593 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.27% of IonQ worth $13,351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. New York State Common Retirement Fund grew its holdings in shares of IonQ by 16.7% during the fourth quarter. New York State Common Retirement Fund now owns 61,481 shares of the company's stock worth $2,568,000 after buying an additional 8,800 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the period. Sei Investments Co. purchased a new stake in IonQ in the fourth quarter valued at approximately $1,255,000. Cetera Investment Advisers grew its stake in IonQ by 120.0% during the fourth quarter. Cetera Investment Advisers now owns 34,033 shares of the company's stock worth $1,422,000 after buying an additional 18,566 shares during the period. Finally, Wells Fargo & Company MN grew its stake in IonQ by 43.4% during the fourth quarter. Wells Fargo & Company MN now owns 255,061 shares of the company's stock worth $10,654,000 after buying an additional 77,151 shares during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. DA Davidson decreased their price objective on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Needham & Company LLC reiterated a "buy" rating and set a $50.00 price objective on shares of IonQ in a research note on Wednesday, June 11th. Finally, Benchmark reiterated a "buy" rating and set a $50.00 price objective on shares of IonQ in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.00.

IonQ Price Performance

Shares of IONQ stock traded down $0.89 on Friday, hitting $40.23. The stock had a trading volume of 21,583,427 shares, compared to its average volume of 19,279,540. The stock's 50 day moving average is $35.80 and its 200-day moving average is $33.71. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating 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 753.20% and a negative return on equity of 63.35%. The business'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) earnings per share. Equities research analysts anticipate that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Peter Hume Chapman sold 910,740 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $37.78, for a total value of $34,407,757.20. Following the completion of the transaction, the insider now directly owns 390,329 shares in the company, valued at approximately $14,746,629.62. This represents a 70.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gabrielle B. Toledano sold 792 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $41.50, for a total transaction of $32,868.00. Following the completion of the transaction, the director now owns 792 shares of the company's stock, valued at $32,868. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,972,201 shares of company stock worth $350,540,009. 5.20% of the stock is currently owned by company insiders.

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.