Chevy Chase Trust Holdings LLC Invests $32.06 Million in IonQ, Inc. (NYSE:IONQ)

Chevy Chase Trust Holdings LLC acquired a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 767,532 shares of the company's stock, valued at approximately $32,060,000. Chevy Chase Trust Holdings LLC owned 0.35% of IonQ as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new position in IonQ in the fourth quarter valued at about $26,000. Golden State Wealth Management LLC purchased a new position in shares of IonQ during the 4th quarter valued at approximately $34,000. City State Bank purchased a new position in shares of IonQ during the 4th quarter valued at approximately $36,000. Hemington Wealth Management bought a new stake in shares of IonQ in the fourth quarter worth $37,000. Finally, Versant Capital Management Inc increased its stake in shares of IonQ by 1,348.5% in the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company's stock worth $40,000 after buying an additional 890 shares during the last quarter. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at IonQ

In related news, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now directly owns 926,114 shares of the company's stock, valued at $27,524,108.08. This represents a 1.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares of the company's stock, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is owned by insiders.

IonQ Price Performance

Shares of NYSE IONQ traded down $3.64 during mid-day trading on Tuesday, hitting $33.83. The company had a trading volume of 19,729,643 shares, compared to its average volume of 28,526,871. The stock has a market cap of $7.32 billion, a price-to-earnings ratio of -41.76 and a beta of 2.40. The firm's 50 day simple moving average is $39.76 and its two-hundred day simple moving average is $23.52. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74.

Analysts Set New Price Targets

Several research analysts have weighed in on IONQ shares. DA Davidson assumed coverage on shares of IonQ in a report on Thursday, December 19th. They set a "buy" rating and a $50.00 price objective for the company. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a report on Friday, December 20th. The Goldman Sachs Group upped their price objective on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.00.

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.