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

Chevy Chase Trust Holdings LLC acquired 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. The fund acquired 767,532 shares of the company’s stock, valued at approximately $32,060,000. Chevy Chase Trust Holdings LLC owned approximately 0.35% of IonQ at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of IONQ. Capital Advisors Inc. OK bought a new position in shares of IonQ during the 4th quarter valued at about $18,976,000. UNICOM Systems Inc. bought a new stake in IonQ in the 4th quarter valued at approximately $18,106,000. Yong Rong HK Asset Management Ltd bought a new stake in IonQ in the 3rd quarter valued at approximately $3,749,000. Main Management ETF Advisors LLC bought a new stake in IonQ in the 3rd quarter valued at approximately $1,865,000. Finally, Geode Capital Management LLC lifted its stake in IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after acquiring an additional 199,360 shares in the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Down 3.0 %

Shares of IonQ stock opened at $37.47 on Friday. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74. The stock has a market cap of $8.11 billion, a P/E ratio of -46.26 and a beta of 2.40. The business’s 50 day moving average is $39.70 and its 200-day moving average is $22.89.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $634,349.01. Following the transaction, the executive now directly owns 571,321 shares of the company’s stock, valued at approximately $16,985,373.33. The trade was a 3.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Hume Chapman sold 13,106 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on IONQ shares. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group boosted their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. DA Davidson started coverage on IonQ in a research note on Thursday, December 19th. They issued a “buy” rating and a $50.00 target price on the stock. Benchmark boosted their target price on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC upped their price objective on IonQ from $13.00 to $18.00 and gave the stock 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, IonQ currently 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.