JPMorgan Chase & Co. Buys 2,293,231 Shares of IonQ, Inc. (NYSE:IONQ)

JPMorgan Chase & Co. increased its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 1,310.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,468,160 shares of the company's stock after purchasing an additional 2,293,231 shares during the period. JPMorgan Chase & Co. owned approximately 1.14% of IonQ worth $103,095,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the fourth quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its position in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after acquiring an additional 501 shares during the period. Golden State Wealth Management LLC bought a new position in IonQ during the fourth quarter worth $34,000. City State Bank bought a new stake in IonQ in the 4th quarter valued at $36,000. Finally, Hemington Wealth Management acquired a new stake in IonQ in the 4th quarter worth $37,000. Institutional investors own 41.42% of the company's stock.

IonQ Stock Performance

Shares of IONQ stock traded down $2.64 during trading hours on Friday, hitting $20.61. The company had a trading volume of 26,737,236 shares, compared to its average volume of 15,370,069. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The firm's fifty day moving average is $29.47 and its 200 day moving average is $27.70. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -25.44 and a beta of 2.50.

Wall Street Analyst Weigh In

IONQ has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 10th. DA Davidson upgraded IonQ to a "strong-buy" rating in a research report on Thursday, February 20th. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Needham & Company LLC restated a "buy" rating and issued a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Finally, Benchmark reiterated a "buy" rating and set a $45.00 price target on shares of IonQ in a research note on Monday, March 31st. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $44.80.

Insider Activity at IonQ

In other news, CRO Rima Alameddine sold 20,047 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $372,272.79. Following the transaction, the executive now directly owns 572,568 shares of the company's stock, valued at $10,632,587.76. The trade was a 3.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. This represents a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 in the last 90 days. 11.60% of the stock is owned by corporate 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.