Bank of New York Mellon Corp Has $18.64 Million Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Bank of New York Mellon Corp lessened its position in shares of IonQ, Inc. (NYSE:IONQ) by 6.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 844,336 shares of the company’s stock after selling 61,209 shares during the quarter. Bank of New York Mellon Corp owned about 0.38% of IonQ worth $18,635,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in IONQ. JPMorgan Chase & Co. lifted its stake 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 during the period. Sei Investments Co. bought a new stake in shares of IonQ in the fourth quarter worth about $1,255,000. Cetera Investment Advisers increased its holdings in shares of IonQ by 120.0% in the fourth quarter. Cetera Investment Advisers now owns 34,033 shares of the company’s stock worth $1,422,000 after acquiring an additional 18,566 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of IonQ by 43.4% in the fourth quarter. Wells Fargo & Company MN now owns 255,061 shares of the company’s stock worth $10,654,000 after acquiring an additional 77,151 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of IonQ by 4,683.1% in the first quarter. GAMMA Investing LLC now owns 54,336 shares of the company’s stock worth $1,199,000 after acquiring an additional 53,200 shares in the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insider Activity

In other IonQ news, CFO Thomas G. Kramer sold 216,000 shares of the firm’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $38.11, for a total transaction of $8,231,760.00. Following the transaction, the chief financial officer owned 718,516 shares in the company, valued at $27,382,644.76. This trade represents a 23.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 65,000 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $38.57, for a total value of $2,507,050.00. Following the transaction, the executive owned 552,592 shares in the company, valued at approximately $21,313,473.44. This trade represents a 10.52% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,144,372 shares of company stock worth $358,255,229. 5.20% of the stock is currently owned by insiders.

IonQ Trading Up 3.7%

NYSE:IONQ opened at $46.48 on Friday. The stock has a market cap of $12.16 billion, a P/E ratio of -31.19 and a beta of 2.55. The stock has a 50 day simple moving average of $40.70 and a 200 day simple moving average of $34.10. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.14. The business had revenue of $7.57 million during the quarter, compared to analysts’ expectations of $7.51 million. IonQ had a negative return on equity of 63.35% and a negative net margin of 753.20%. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm posted ($0.19) EPS. As a group, sell-side analysts forecast that IonQ, Inc. will post -0.86 EPS for the current year.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research reports. DA Davidson decreased their price objective on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 14th. Morgan Stanley increased their price target on IonQ from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Cantor Fitzgerald began coverage on IonQ in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $45.00 price target for the company. Benchmark raised their price objective on IonQ from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price objective on shares of IonQ in a research report on Wednesday, June 11th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.43.

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.