HighTower Advisors LLC increased its holdings in IonQ, Inc. (NYSE:IONQ – Free Report) by 15.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 78,948 shares of the company’s stock after buying an additional 10,561 shares during the period. HighTower Advisors LLC’s holdings in IonQ were worth $3,542,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Clear Street Group Inc. bought a new position in IonQ in the third quarter worth $61,488,000. Western Wealth Management LLC raised its holdings in IonQ by 222.8% in the 3rd quarter. Western Wealth Management LLC now owns 23,762 shares of the company’s stock worth $1,461,000 after acquiring an additional 16,400 shares during the last quarter. Swedbank AB purchased a new position in IonQ in the 4th quarter worth approximately $2,708,000. Penserra Capital Management LLC raised its holdings in IonQ by 64.3% in the 3rd quarter. Penserra Capital Management LLC now owns 800,141 shares of the company’s stock worth $49,208,000 after acquiring an additional 313,008 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in IonQ by 151.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 83,265 shares of the company’s stock valued at $3,736,000 after buying an additional 50,155 shares during the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.
IonQ Stock Up 2.7%
IONQ opened at $72.07 on Friday. The firm has a 50-day simple moving average of $43.76 and a two-hundred day simple moving average of $43.63. IonQ, Inc. has a 52 week low of $25.89 and a 52 week high of $84.64. The company has a market capitalization of $26.90 billion, a PE ratio of -257.38 and a beta of 3.05.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on IONQ shares. Weiss Ratings upgraded shares of IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Needham & Company LLC dropped their target price on shares of IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Benchmark dropped their target price on shares of IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of IonQ in a report on Thursday, February 26th. Finally, Morgan Stanley set a $48.50 target price on shares of IonQ in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $68.63.
Get Our Latest Research Report on IONQ
Insider Activity
In other IonQ news, insider Robert T. Cardillo sold 3,773 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the transaction, the insider owned 139,967 shares of the company’s stock, valued at $6,984,353.30. This represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John W. Raymond sold 2,800 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $33.34, for a total transaction of $93,352.00. Following the transaction, the insider directly owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This trade represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is owned by corporate insiders.
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. 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.
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