Intech Investment Management LLC Acquires 55,226 Shares of IonQ, Inc. (NYSE:IONQ)

Intech Investment Management LLC lifted its holdings in IonQ, Inc. (NYSE:IONQ) by 126.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 98,835 shares of the company’s stock after acquiring an additional 55,226 shares during the period. Intech Investment Management LLC’s holdings in IonQ were worth $4,128,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake 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 buying an additional 199,360 shares during the last quarter. State Street Corp boosted its stake 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 buying an additional 75,596 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake 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 buying an additional 31,638 shares during the last quarter. Bank of New York Mellon Corp boosted its stake 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 buying an additional 198,129 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC bought a new position in IonQ during the fourth quarter valued at approximately $32,060,000. Institutional investors own 41.42% of the company’s stock.

Insider Activity

In other IonQ news, Director William F. Scannell bought 93,066 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the purchase, the director now directly owns 135,047 shares in the company, valued at $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the transaction, the executive now owns 592,615 shares in the company, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by company insiders.

IonQ Stock Down 8.9 %

IONQ opened at $22.72 on Wednesday. The stock’s fifty day moving average is $32.96 and its two-hundred day moving average is $26.23. The company has a market capitalization of $5.06 billion, a P/E ratio of -28.05 and a beta of 2.50. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. DA Davidson raised IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. The Goldman Sachs Group raised 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 reaffirmed a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. Craig Hallum raised their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Benchmark lowered their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target 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.