Carnegie Investment Counsel Sells 155,878 Shares of IonQ, Inc. $IONQ

Carnegie Investment Counsel lessened its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 36.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 268,704 shares of the company’s stock after selling 155,878 shares during the period. Carnegie Investment Counsel owned approximately 0.09% of IonQ worth $16,525,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of IonQ by 15.2% during the second quarter. Vanguard Group Inc. now owns 24,767,446 shares of the company’s stock worth $1,064,257,000 after buying an additional 3,269,482 shares during the last quarter. Norges Bank bought a new position in IonQ during the second quarter worth $114,767,000. JPMorgan Chase & Co. increased its position in IonQ by 648.5% during the second quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after acquiring an additional 2,317,058 shares during the period. Ameriprise Financial Inc. raised its stake in IonQ by 262.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 576,391 shares of the company’s stock valued at $24,768,000 after purchasing an additional 930,490 shares during the last quarter. Finally, Amazon Com Inc. bought a new stake in IonQ in the 2nd quarter valued at $36,705,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Price Performance

Shares of NYSE:IONQ opened at $46.13 on Friday. IonQ, Inc. has a fifty-two week low of $17.88 and a fifty-two week high of $84.64. The company has a market capitalization of $16.03 billion, a price-to-earnings ratio of -8.62 and a beta of 2.62. The firm’s 50 day simple moving average is $52.00 and its 200 day simple moving average is $50.30.

IonQ (NYSE:IONQ) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14). IonQ had a negative return on equity of 127.06% and a negative net margin of 1,836.32%.The firm had revenue of $39.87 million for the quarter, compared to the consensus estimate of $26.99 million. During the same period in the prior year, the business earned ($0.24) earnings per share. The company’s revenue for the quarter was up 221.5% compared to the same quarter last year. Equities research analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In other IonQ news, Director William J. Teuber, Jr. bought 2,000 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was purchased at an average cost of $54.81 per share, with a total value of $109,620.00. Following the completion of the purchase, the director owned 6,413 shares in the company, valued at approximately $351,496.53. The trade was a 45.32% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kathryn K. Chou sold 20,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $51.40, for a total value of $1,028,000.00. Following the sale, the director directly owned 60,839 shares in the company, valued at approximately $3,127,124.60. This represents a 24.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 125,000 shares of company stock worth $5,992,000. Corporate insiders own 5.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on IONQ shares. Jefferies Financial Group began coverage on shares of IonQ in a research report on Tuesday, December 16th. They set a “buy” rating and a $100.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a report on Wednesday, October 8th. Morgan Stanley boosted their price objective on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. assumed coverage on IonQ in a research report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 target price for the company. Finally, DA Davidson increased their price objective on shares of IonQ from $35.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Nine equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $72.08.

About IonQ

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.