Victory Capital Management Inc. Acquires 32,928 Shares of IonQ, Inc. $IONQ

Victory Capital Management Inc. grew its holdings in IonQ, Inc. (NYSE:IONQ) by 8.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 429,115 shares of the company’s stock after buying an additional 32,928 shares during the period. Victory Capital Management Inc. owned approximately 0.12% of IonQ worth $26,391,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in IONQ. Vanguard Group Inc. lifted its holdings in shares of IonQ by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock valued at $1,805,314,000 after acquiring an additional 4,587,260 shares during the last quarter. Norges Bank purchased a new stake in IonQ during the second quarter valued at approximately $114,767,000. JPMorgan Chase & Co. raised 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 valued at $114,917,000 after purchasing an additional 2,317,058 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of IonQ by 262.8% in 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, Geode Capital Management LLC lifted its stake in shares of IonQ by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock valued at $229,422,000 after purchasing an additional 705,301 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on IONQ. Needham & Company LLC cut their target price on IonQ from $80.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. DA Davidson lowered their price target on IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, February 26th. Morgan Stanley set a $37.00 price objective on shares of IonQ in a research note on Thursday, February 26th. Mizuho assumed coverage on shares of IonQ in a research note on Thursday, December 11th. They issued an “outperform” rating and a $90.00 target price on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of IonQ in a report on Monday, February 9th. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $69.45.

IonQ Stock Performance

Shares of NYSE IONQ opened at $35.95 on Tuesday. 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 cap of $13.18 billion, a price-to-earnings ratio of -14.44 and a beta of 2.61. The business’s 50 day moving average price is $41.06 and its 200-day moving average price is $50.31.

Insider Buying and Selling at IonQ

In other IonQ news, Director William J. Teuber, Jr. bought 3,000 shares of IonQ stock in a transaction on Friday, February 27th. The shares were acquired at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the purchase, the director directly owned 9,413 shares in the company, valued at approximately $361,270.94. This trade represents a 46.78% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert T. Cardillo sold 5,165 shares of IonQ stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total value of $203,707.60. Following the sale, the insider owned 112,291 shares of the company’s stock, valued at approximately $4,428,757.04. This trade represents a 4.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 30,781 shares of company stock valued at $1,525,804 in the last quarter. 5.20% of the stock is owned by 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. 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.