Arrowstreet Capital Limited Partnership Purchases Shares of 706,562 IonQ, Inc. (NYSE:IONQ)

Arrowstreet Capital Limited Partnership acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 706,562 shares of the company’s stock, valued at approximately $29,513,000. Arrowstreet Capital Limited Partnership owned approximately 0.33% of IonQ at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in shares of IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after purchasing an additional 2,293,231 shares during the last quarter. Chevy Chase Trust Holdings LLC bought a new stake in IonQ in the fourth quarter worth $32,060,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in IonQ during the fourth quarter worth $19,242,000. Capital Advisors Inc. OK bought a new position in IonQ during the fourth quarter valued at $18,976,000. Finally, UNICOM Systems Inc. purchased a new stake in shares of IonQ in the fourth quarter valued at $18,106,000. 41.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on IONQ shares. The Goldman Sachs Group upped their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Benchmark reaffirmed a “buy” rating and set a $45.00 target price on shares of IonQ in a research note on Monday. Craig Hallum raised 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Stock Up 8.2 %

IONQ opened at $25.10 on Thursday. The stock’s fifty day moving average is $30.23 and its two-hundred day moving average is $27.37. The company has a market capitalization of $5.59 billion, a P/E ratio of -30.99 and a beta of 2.50. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74.

Insider Activity

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the transaction, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 1,407 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares of the company’s stock, valued at $12,563,438. This trade represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Company insiders own 11.60% of the company’s stock.

IonQ Company 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.