Geode Capital Management LLC Buys 45,942 Shares of IonQ, Inc. (NYSE:IONQ)

Geode Capital Management LLC boosted its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,466,094 shares of the company's stock after purchasing an additional 45,942 shares during the period. Geode Capital Management LLC owned 2.06% of IonQ worth $186,593,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after buying an additional 2,293,231 shares during the last quarter. Chevy Chase Trust Holdings LLC acquired a new position in shares of IonQ during the 4th quarter worth $32,060,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of IonQ in the 4th quarter valued at $29,513,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in IonQ in the fourth quarter worth $19,242,000. Finally, Capital Advisors Inc. OK bought a new position in IonQ during the fourth quarter valued at about $18,976,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other IonQ news, CRO Rima Alameddine sold 1,407 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the sale, the executive now directly owns 592,615 shares of the company's stock, valued at approximately $12,563,438. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares of the company's stock, valued at $7,756,875.36. This trade represents a 82.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Corporate insiders own 11.60% of the company's stock.

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IonQ Trading Down 3.8 %

NYSE IONQ traded down $0.99 on Thursday, reaching $25.38. The company's stock had a trading volume of 10,140,083 shares, compared to its average volume of 24,846,941. The business has a 50-day moving average price of $27.91 and a 200 day moving average price of $27.97. The firm has a market cap of $5.65 billion, a PE ratio of -31.51 and a beta of 2.50. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IONQ. The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. Craig Hallum lifted their price target on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Benchmark reiterated a "buy" rating and issued a $45.00 target price on shares of IonQ in a research note on Monday, March 31st. DA Davidson raised shares of IonQ to a "strong-buy" rating in a research report on Thursday, February 20th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, IonQ currently has a consensus rating of "Buy" and a consensus target price of $44.80.

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.