AlphaQuest LLC Purchases Shares of 3,833 IonQ, Inc. (NYSE:IONQ)

AlphaQuest LLC purchased a new stake in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,833 shares of the company’s stock, valued at approximately $160,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after purchasing an additional 199,360 shares during the last quarter. State Street Corp grew its holdings in IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in IonQ by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,672 shares of the company’s stock valued at $68,740,000 after purchasing an additional 31,638 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in IonQ by 28.0% during the fourth quarter. Bank of New York Mellon Corp now owns 905,545 shares of the company’s stock valued at $37,825,000 after purchasing an additional 198,129 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC acquired a new position in IonQ during the fourth quarter valued at approximately $32,060,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IONQ. The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Benchmark lowered their price objective on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, IonQ has a consensus rating of “Buy” and an average target price of $44.80.

Insider Buying and Selling

In other IonQ news, CRO Rima Alameddine sold 20,047 shares of IonQ stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $372,272.79. Following the completion of the transaction, the executive now directly owns 572,568 shares of the company’s stock, valued at approximately $10,632,587.76. This trade represents a 3.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the transaction, the chief financial officer now directly owns 944,510 shares of the company’s stock, valued at approximately $17,539,550.70. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last ninety days. 11.60% of the stock is owned by company insiders.

IonQ Price Performance

Shares of IONQ stock opened at $24.84 on Tuesday. The stock has a market cap of $5.54 billion, a P/E ratio of -30.67 and a beta of 2.50. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The stock has a fifty day moving average price of $33.50 and a 200 day moving average price of $26.12.

IonQ 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.