GAMMA Investing LLC Has $1.20 Million Stock Holdings in IonQ, Inc. (NYSE:IONQ)

GAMMA Investing LLC increased its position in shares of IonQ, Inc. (NYSE:IONQ) by 4,683.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,336 shares of the company’s stock after acquiring an additional 53,200 shares during the period. GAMMA Investing LLC’s holdings in IonQ were worth $1,199,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. New York State Common Retirement Fund boosted its position in shares of IonQ by 16.7% during the 4th quarter. New York State Common Retirement Fund now owns 61,481 shares of the company’s stock worth $2,568,000 after acquiring an additional 8,800 shares in the last quarter. Rhumbline Advisers boosted its position in IonQ by 9.2% in the fourth quarter. Rhumbline Advisers now owns 303,803 shares of the company’s stock valued at $12,690,000 after buying an additional 25,577 shares in the last quarter. JPMorgan Chase & Co. boosted its position in IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after buying an additional 2,293,231 shares in the last quarter. Sei Investments Co. acquired a new stake in IonQ in the fourth quarter valued at approximately $1,255,000. Finally, Wells Fargo & Company MN boosted its position in IonQ by 43.4% in the fourth quarter. Wells Fargo & Company MN now owns 255,061 shares of the company’s stock valued at $10,654,000 after buying an additional 77,151 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insider Buying and Selling

In other news, insider Peter Hume Chapman sold 11,965 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $41.60, for a total transaction of $497,744.00. Following the transaction, the insider now owns 390,329 shares in the company, valued at approximately $16,237,686.40. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 65,000 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $38.57, for a total transaction of $2,507,050.00. Following the transaction, the executive now owns 552,592 shares in the company, valued at $21,313,473.44. This represents a 10.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,766,957 shares of company stock valued at $111,561,975 over the last quarter. Insiders own 5.20% of the company’s stock.

Analyst Upgrades and Downgrades

IONQ has been the topic of a number of research analyst reports. Morgan Stanley raised their target price on shares of IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. DA Davidson cut their target price on shares of IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Needham & Company LLC restated a “buy” rating and issued a $50.00 target price on shares of IonQ in a research report on Wednesday, June 11th. Finally, Benchmark raised their price target on shares of IonQ from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.00.

IonQ Stock Performance

IONQ stock opened at $37.79 on Monday. The company has a fifty day moving average price of $33.19 and a 200-day moving average price of $33.39. The company has a market capitalization of $9.89 billion, a P/E ratio of -46.65 and a beta of 2.59. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74.

IonQ (NYSE:IONQ) last announced its earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.14. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.82%. The business had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. During the same quarter last year, the firm earned ($0.19) earnings per share. IonQ’s quarterly revenue was down .2% on a year-over-year basis. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

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.