Carnegie Investment Counsel Decreases Stock Position in IonQ, Inc. (NYSE:IONQ)

Carnegie Investment Counsel lowered its position in shares of IonQ, Inc. (NYSE:IONQ) by 10.7% during the fourth quarter, HoldingsChannel reports. The firm owned 514,699 shares of the company’s stock after selling 61,516 shares during the period. Carnegie Investment Counsel’s holdings in IonQ were worth $21,499,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of IonQ by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock worth $38,640,000 after acquiring an additional 199,360 shares in the last quarter. State Street Corp boosted its stake in shares of IonQ by 1.8% during the 3rd 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. grew its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after buying an additional 135,851 shares in the last quarter. FMR LLC raised its holdings in IonQ by 7.2% in the third quarter. FMR LLC now owns 612,625 shares of the company’s stock valued at $5,354,000 after acquiring an additional 41,125 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in IonQ by 34.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after acquiring an additional 111,435 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

IONQ has been the topic of several research reports. 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. Benchmark upped their price target on IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. DA Davidson started coverage on shares of IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. Finally, 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 report on Friday, December 20th. 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 MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

IonQ Price Performance

NYSE:IONQ opened at $41.65 on Friday. The firm has a market capitalization of $9.01 billion, a P/E ratio of -51.42 and a beta of 2.43. The business has a 50 day simple moving average of $35.13 and a 200 day simple moving average of $18.23. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.02). IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The firm had revenue of $12.40 million for the quarter, compared to analyst estimates of $10.56 million. During the same period last year, the firm posted ($0.22) EPS. The business’s revenue was up 102.1% compared to the same quarter last year. Research analysts anticipate that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the transaction, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,098 shares of company stock valued at $1,909,323 in the last ninety days. Company insiders own 11.60% of the company’s stock.

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.