GAMMA Investing LLC Has $1.20 Million Stake in IonQ, Inc. (NYSE:IONQ)

GAMMA Investing LLC boosted its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 4,683.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,336 shares of the company's stock after acquiring an additional 53,200 shares during the period. GAMMA Investing LLC's holdings in IonQ were worth $1,199,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of IonQ by 0.6% during the 4th 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 during the period. Geode Capital Management LLC lifted its holdings in shares of IonQ by 1.0% during the 4th 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 during the period. JPMorgan Chase & Co. boosted its position in shares of IonQ by 1,310.9% during the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after acquiring an additional 2,293,231 shares in the last quarter. Northern Trust Corp increased its stake in IonQ by 12.6% in the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock valued at $80,809,000 after acquiring an additional 216,752 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position 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 worth $68,740,000 after purchasing an additional 31,638 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.

IonQ Stock Up 1.7%

IONQ stock traded up $0.64 during midday trading on Monday, reaching $38.48. 28,989,647 shares of the company's stock traded hands, compared to its average volume of 23,589,686. The company has a 50-day simple moving average of $33.19 and a two-hundred day simple moving average of $33.39. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74. The company has a market cap of $10.07 billion, a price-to-earnings ratio of -47.51 and a beta of 2.59.

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 analysts' consensus estimates of ($0.28) by $0.14. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.51 million. During the same period last year, the company posted ($0.19) earnings per share. The firm's quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other IonQ news, CEO Masi Niccolo De sold 2,597,500 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $40.34, for a total transaction of $104,783,150.00. Following the completion of the sale, the chief executive officer now directly owns 711,987 shares of the company's stock, valued at approximately $28,721,555.58. The trade was a 78.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 65,000 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $38.57, for a total transaction of $2,507,050.00. Following the completion of the transaction, the executive now directly owns 552,592 shares in the company, valued at $21,313,473.44. This trade represents a 10.52% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,766,957 shares of company stock valued at $111,561,975. Insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on IONQ shares. Benchmark lifted their price objective on IonQ from $40.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. DA Davidson dropped their price objective on 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 restated a "buy" rating and issued a $50.00 target price on shares of IonQ in a research note on Wednesday, June 11th. Finally, Morgan Stanley upped their target price on shares of IonQ from $29.00 to $30.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and an average price target of $40.00.

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.