IonQ, Inc. (NYSE:IONQ) Position Increased by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. lifted its holdings in IonQ, Inc. (NYSE:IONQ) by 6.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 20,715 shares of the company’s stock after buying an additional 1,278 shares during the quarter. Summit Investment Advisors Inc.’s holdings in IonQ were worth $865,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of IONQ. JPMorgan Chase & Co. lifted its holdings in IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after acquiring an additional 2,293,231 shares during the last quarter. Chevy Chase Trust Holdings LLC acquired a new position in IonQ during the 4th quarter valued at approximately $32,060,000. Arrowstreet Capital Limited Partnership bought a new position in IonQ during the 4th quarter worth $29,513,000. Invesco Ltd. increased its position in IonQ by 439.3% in the fourth quarter. Invesco Ltd. now owns 857,078 shares of the company’s stock worth $35,800,000 after buying an additional 698,146 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in IonQ in the fourth quarter valued at $19,242,000. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

NYSE IONQ opened at $25.81 on Friday. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The firm has a market capitalization of $5.75 billion, a PE ratio of -31.87 and a beta of 2.50. The company’s 50 day simple moving average is $26.00 and its 200 day simple moving average is $28.54.

Analyst Ratings Changes

Several research firms have recently commented on IONQ. Needham & Company LLC restated a “buy” rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. Benchmark restated a “buy” rating and issued a $45.00 price target on shares of IonQ in a research note on Monday, March 31st. The Goldman Sachs Group boosted their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. DA Davidson lowered their target price on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Craig Hallum increased their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.80.

Insider Activity

In related news, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the transaction, the executive now directly owns 592,615 shares of the company’s stock, valued at $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. This trade represents a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is owned by company insiders.

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.