UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in IonQ, Inc. (NYSE:IONQ – Free Report) by 45.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,632,290 shares of the company’s stock after acquiring an additional 506,191 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in IonQ were worth $86,936,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. BlackRock Inc. purchased a new stake in IonQ during the 2nd quarter worth $1,112,945,000. State Street Corp increased its holdings in IonQ by 42.3% in the 4th quarter. State Street Corp now owns 8,962,789 shares of the company’s stock valued at $402,160,000 after purchasing an additional 2,663,230 shares in the last quarter. Geode Capital Management LLC raised its position in IonQ by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 8,074,301 shares of the company’s stock valued at $361,624,000 after purchasing an additional 1,452,463 shares during the period. Bank of America Corp DE purchased a new position in IonQ in the second quarter valued at about $344,757,000. Finally, Norges Bank acquired a new position in shares of IonQ during the fourth quarter worth about $199,753,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.
IonQ Stock Performance
IONQ opened at $37.65 on Thursday. The company has a market capitalization of $14.35 billion, a P/E ratio of -8.08 and a beta of 3.30. The company has a 50-day moving average of $41.66 and a 200-day moving average of $43.52. IonQ, Inc. has a 1-year low of $25.89 and a 1-year high of $84.64.
Insiders Place Their Bets
In other news, Director Kathryn K. Chou sold 2,757 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.02, for a total value of $151,690.14. Following the completion of the sale, the director directly owned 62,608 shares in the company, valued at approximately $3,444,692.16. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gabrielle B. Toledano sold 2,757 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.01, for a total value of $151,662.57. Following the sale, the director directly owned 11,154 shares in the company, valued at approximately $613,581.54. This represents a 19.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,329 shares of company stock valued at $513,216 in the last quarter. Insiders own 0.55% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Wedbush started coverage on IonQ in a research report on Monday, August 3rd. They issued an “outperform” rating and a $75.00 target price for the company. Weiss Ratings lowered IonQ from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Needham & Company LLC restated a “buy” rating and issued a $65.00 price target on shares of IonQ in a report on Thursday, August 6th. Benchmark restated a “buy” rating and issued a $60.00 price target on shares of IonQ in a report on Thursday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 price objective on shares of IonQ in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, IonQ has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.
View Our Latest Research Report on IONQ
IonQ 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.
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