Arete Wealth Advisors LLC Trims Stock Position in IonQ, Inc. (NYSE:IONQ)

Arete Wealth Advisors LLC trimmed its stake in IonQ, Inc. (NYSE:IONQ) by 22.1% in the 4th quarter, HoldingsChannel reports. The firm owned 8,090 shares of the company’s stock after selling 2,300 shares during the quarter. Arete Wealth Advisors LLC’s holdings in IonQ were worth $338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of IONQ. Pathway Financial Advisers LLC bought a new stake in IonQ during the 4th quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its position in shares of IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in IonQ in the fourth quarter worth $34,000. City State Bank bought a new position in IonQ in the fourth quarter worth $36,000. Finally, Hemington Wealth Management purchased a new position in IonQ during the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Insider Activity

In other news, Director William F. Scannell acquired 93,066 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the acquisition, the director now directly owns 135,047 shares of the company’s stock, valued at approximately $2,945,375.07. The trade was a 221.69 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the sale, the executive now owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last ninety days. 11.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $45.00 price target on shares of IonQ in a research note on Monday, March 31st. Craig Hallum raised their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. DA Davidson raised IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group boosted their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. 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 stock. According to MarketBeat.com, IonQ currently has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Trading Down 11.4 %

IONQ stock opened at $20.61 on Monday. The stock’s 50 day simple moving average is $29.47 and its 200 day simple moving average is $27.70. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74. The stock has a market capitalization of $4.59 billion, a PE ratio of -25.44 and a beta of 2.50.

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.