IPG Investment Advisors LLC Decreases Stake in IonQ, Inc. (NYSE:IONQ)

IPG Investment Advisors LLC cut its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 27.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 17,875 shares of the company’s stock after selling 6,775 shares during the quarter. IPG Investment Advisors LLC’s holdings in IonQ were worth $747,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its stake in IonQ by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of IonQ by 34.2% in the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock worth $3,825,000 after acquiring an additional 111,435 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of IonQ in the third quarter valued at $1,631,000. State Street Corp lifted its holdings in IonQ by 1.8% during the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after purchasing an additional 75,596 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in IonQ in the 4th quarter worth about $3,840,000. Institutional investors own 41.42% of the company’s stock.

Insider Transactions at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the sale, the insider now owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William F. Scannell bought 93,066 shares of IonQ stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the acquisition, the director now owns 135,047 shares in the company, valued at $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by corporate insiders.

IonQ Stock Down 3.1 %

IONQ opened at $22.92 on Friday. The business’s fifty day simple moving average is $31.35 and its 200 day simple moving average is $27.03. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The stock has a market cap of $5.11 billion, a PE ratio of -28.30 and a beta of 2.50.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. The Goldman Sachs Group upped their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Benchmark decreased their target price on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. Finally, Craig Hallum upped their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $44.80.

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.