IonQ, Inc. $IONQ Shares Sold by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel cut its IonQ stake by 44.2% in the first quarter, selling 131,994 shares and leaving it with 166,965 shares valued at about $4.81 million.
• Insider selling has also been notable, with directors Kathryn K. Chou and Gabrielle B. Toledano each selling 2,757 shares in June; insiders have sold 13,102 shares worth about $701,489 over the past three months.
• Analysts remain broadly constructive on IonQ, with 10 Buy ratings and an average price target of $69.88, even after the company reported a wider-than-expected quarterly loss alongside strong revenue growth.

Carnegie Investment Counsel lowered its holdings in IonQ, Inc. (NYSE:IONQ - Free Report) by 44.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 166,965 shares of the company's stock after selling 131,994 shares during the period. Carnegie Investment Counsel's holdings in IonQ were worth $4,814,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in IONQ. Vanguard Group Inc. grew its holdings in IonQ by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 34,774,743 shares of the company's stock valued at $1,560,343,000 after purchasing an additional 5,420,037 shares during the period. State Street Corp boosted its holdings in shares of IonQ by 42.3% in the 4th quarter. State Street Corp now owns 8,962,789 shares of the company's stock valued at $402,160,000 after purchasing an additional 2,663,230 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of IonQ by 21.9% during the 4th quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company's stock valued at $361,624,000 after buying an additional 1,452,463 shares during the period. Norges Bank purchased a new stake in shares of IonQ during the 4th quarter valued at $199,753,000. Finally, Marex Group plc increased its holdings in shares of IonQ by 419.1% during the 4th quarter. Marex Group plc now owns 4,083,453 shares of the company's stock worth $183,225,000 after buying an additional 3,296,866 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Kathryn K. Chou sold 2,757 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the sale, the director owned 62,608 shares in the company, valued at $3,444,692.16. This represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gabrielle B. Toledano sold 2,757 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $55.01, for a total value of $151,662.57. Following the completion of the sale, the director directly owned 11,154 shares of the company's stock, valued at approximately $613,581.54. This trade represents a 19.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,102 shares of company stock worth $701,489 over the last three months. 0.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IONQ. Jefferies Financial Group set a $85.00 price target on IonQ in a research note on Thursday, May 7th. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, June 11th. Northland Securities raised their price objective on shares of IonQ from $55.00 to $70.00 and gave the company an "outperform" rating in a research note on Monday, June 22nd. Weiss Ratings raised IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $60.00 price objective on shares of IonQ in a research note on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $69.88.

IonQ Stock Up 0.1%

NYSE:IONQ opened at $42.90 on Monday. IonQ, Inc. has a 1-year low of $25.89 and a 1-year high of $84.64. The firm has a market capitalization of $16.01 billion, a price-to-earnings ratio of -153.21 and a beta of 3.23. The stock has a fifty day simple moving average of $55.81 and a 200 day simple moving average of $44.94.

IonQ (NYSE:IONQ - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The company had revenue of $64.67 million for the quarter, compared to analyst estimates of $49.75 million. During the same quarter in the previous year, the firm posted ($0.14) EPS. IonQ's quarterly revenue was up 754.7% on a year-over-year basis. Equities analysts predict that IonQ, Inc. will post -2.26 earnings per share for the current year.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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