Chevy Chase Trust Holdings LLC Acquires Shares of 767,532 IonQ, Inc. (NYSE:IONQ)

Chevy Chase Trust Holdings LLC acquired a new stake in IonQ, Inc. (NYSE:IONQ) during the fourth quarter, HoldingsChannel reports. The fund acquired 767,532 shares of the company’s stock, valued at approximately $32,060,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IONQ. Vontobel Holding Ltd. lifted its position in shares of IonQ by 45.7% during the 4th quarter. Vontobel Holding Ltd. now owns 62,018 shares of the company’s stock worth $2,593,000 after buying an additional 19,456 shares during the last quarter. Life Planning Partners Inc bought a new stake in shares of IonQ during the 4th quarter worth $472,000. Pathway Financial Advisers LLC bought a new stake in shares of IonQ during the 4th quarter worth $26,000. Hemington Wealth Management bought a new stake in shares of IonQ during the 4th quarter worth $37,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of IonQ during the 4th quarter worth $237,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

IonQ Trading Down 3.0 %

Shares of IONQ stock opened at $37.47 on Friday. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -46.26 and a beta of 2.40. The stock has a 50-day moving average of $39.70 and a 200-day moving average of $22.89. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74.

Analyst Upgrades and Downgrades

Several equities analysts have commented on IONQ shares. Benchmark increased their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Craig Hallum increased their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. DA Davidson started coverage on IonQ in a research report on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price for the company. Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.